Current News & Events
The Fund’s development contributions extended to various parts of the world Kuwait Fund marks 61 years of success and progress in development
- The Fund contributed to financing projects in 107 countries, including 16 Arab and 42 African.
- The Fund and Kuwait Credit Bank renewed their 2002 deal to purchase KD 500 million-worth of the Bank's bonds, in addition to backing the Bank's capital with KD 300 million.
- The Fund contributed KD 4 million to finance the Improved Resilience to Transboundary Sand and Dust Storms Project to spare Kuwait triggering sources of dust storms.
- The Fund backed Al Wafra power plant with USD 270 million as part of a deal signed with GCC Interconnection Authority.
At each year-end, Kuwait Fund marks an important event in its history and that is the day the law of its establishment was issued on December 31st, 1961, which kicked off its development activities and made it first and oldest development finance institution in the region to assist Arab and developing countries.
This year, the Fund is celebrating the 61st anniversary of its inception and efforts in backing development endeavors all around the world. Commemorating such an occasion would only strengthen the Fund's determination to continue its support of development causes in developing nations.
During the past 61 years, the Fund has become a notable partner in international development efforts, whether through supervising and managing loans and aid extended by the State of Kuwait, or by financing projects of priority status to governments of its recipient-countries.
Over the past six decades, Kuwait Fund contributed to financing projects in 107 countries, including 16 Arab, 42 African, 19 in East, South Asia and Pacific Ocean, 17 in Central Asia and Europe, and 13 in Latin America and Caribbean Sea.
In addition to loans, the Fund extends technical assistances to finance assorted services dedicated to assist recipient-countries in funding activities that facilitate the implementation of their development operations.
In addition to international development efforts, Kuwait Fund has boosted its social responsibility since the start of the new decade by contributing to several social and economic activities and initiatives dedicated to support development efforts inside Kuwait, develop youth and students, and help persons with special needs. Some of the most significant of the Fund's contributions in 2022 included the following:
- Backing Kuwait Credit Bank:
Kuwait Fund renewed the 2002-agreement it signed with Kuwait Credit Bank, in which the Fund purchases KD 500 million-worth of the Bank's bonds at same terms as in previous deal. This is considered the Fund's largest financing provided to a project that falls within the scope of its operations, whether locally or internationally.
The Fund has also provided KD 300 million, of its general reserve, to increase Kuwait Credit Bank's capital to provide liquidity for housing loans.
- Supporting Public Authority for Housing Welfare:
Since 2003, the Fund has shifted 25 percent of its annual net profits to the Public Authority for Housing Welfare to back its resources, and support its efforts to resolve the housing crisis.
- Training Engineers Program:
The Fund continues its efforts toward qualifying national youth through the "Training Newly-Graduate Kuwaiti Engineers and Architects" program, launched in 2004. Up to September 30, 2022, the total number of the program graduates is 819 male/female trainees.
- Be Among High-Achievers Program:
The Fund launched "Be Among High-Achievers" program in 2010 to organize annual trips for a group of high-achieving male and female high-school students, and get them acquainted with some of the significant projects that the Fund contributed to financing.
So far, the Fund has organized trips to 15 countries for 264 high-achieving male and female students since the launch of the program and up to September 30, 2022, including Egypt, Jordan, Uzbekistan, China, Turkey, Lebanon, Tunisia, Morocco, and Sri Lanka.
International Crises .. Helping Refugees:
For over decades, the State of Kuwait has left its memorable humanitarian mark on helping refugees around the world in cooperation and coordination with UN agencies and other international organizations related to refugees' affairs and human rights in several countries.
In the same vein, Kuwait Fund has also been present in major international crises through extending a helping hand to refugees and displaced persons in many countries, including Palestine, Iraq, Syria, and Yemen, in addition to its distinctive presence in the reconstruction efforts in Lebanon, Gaza Strip, and Iraq.
Furthermore, the Fund has also cooperated with Kuwait Red Crescent Society to support the Rohingya refugees in Bangladesh, and contributed to allocating USD 5 million to finance the refugees' urgent needs, relief materials, logistic and health services, and medicine.
- Improved Resilience to Transboundary Sand and Dust Storms Project:
In 2022, Kuwait Fund signed a KD 4 million-worth grant agreement with the United Nations Human Settlements Program (UN-Habitat) to contribute to financing the Improved Resilience to Transboundary Sand and Dust Storms in Kuwait and Iraq Project. The project aims to identify the main causes that lead to the formation of sand and dust storms in terms of climatic, geological, and chemical factors to provide safe and clean environment for residents in Kuwait in present and future times. The project would spare Kuwait triggering sources of dust, and contribute to improving public health in Kuwait and the region.
- GCC Interconnection Authority (GCCIA):
Also in 2022, Kuwait Fund signed a first-of-its-kind USD 270 million-worth agreement with the GCC Interconnection Authority to contribute to building GCCIA-affiliated Al Wafra power plant. The plant is the Authority's largest in terms of capacity, and connected to four transmission lines with a total capacity of over 3,500 megawatts. A land lot has been allocated for the plant and the transmission lines since November 2022.
The project would have significant technical and economic benefits, including increasing the capacity and efficiency of power grids in GCCIA-member states. Kuwait will be the biggest beneficiary of the project, particularly during the heavy increase in power loads at summer seasons. Furthermore, the interconnection would provide larger capacity in support of emergency cases in the State of Kuwait's power grid, and reduce power shutdowns during summer times.
A Strategy for Keeping Up with Challenges
As development challenges continue to increase in present era, requiring further efforts and cooperation than ever, Kuwait Fund's strategy included financing projects that contribute to achieving sustainable development goals (SDGs).
By doing so, the strategy aims to focus on international development from three different dimensions; economic, social, and environmental, paving the way for solving a number of issues such as poverty, food security, gender equality, and climate changes.
The Fund's strategy includes:
- Boosting pioneering role.
- Maintaining financial sustainability.
- Reinforcing the Fund's social responsibility.
- Developing human resources and governing the Fund's work systems.
- Promoting the Fund's development role inside and outside Kuwait.
The Fund was keen on taking part in several local and international events, conferences, and work shops to reiterate the importance of providing resources to present and future generations through maintaining limited resources and making better use of them in high efficiency.
In that sense, the Fund had had a noteworthy presence at the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27), which took place in November 2022 in the Egyptian coastal city of Sharm el-Sheikh.
During the event, Kuwait Fund shed light on its significant efforts and contributions to preserving the environment and achieving sustainable development.
- Renewable Energy Projects:
The Fund is keen on implementing clean energy projects without having negative environmental impacts. Such projects include wind energy, water energy, and solar energy with the aim to reduce harmful gas emissions, including carbon dioxide.
Some of the most important projects that the Fund contributed to financing include the Budhi Ganga Hydropower project, the Taishir Hydropower Project, the Andekaleka Hydroelectric Project, the Neelum-Jhelum Hydro-Power Project, and the Merwe Hydroelectric Dam Project.
In appreciation of Kuwait Fund's numerous contributions and significant development role, and in a gesture of gratitude for its long development efforts on regional and international levels, the American National Council on US-Arab Relations awarded the Fund in 2022 with the global development prize for the Fund's efforts throughout the globe.
Moreover, in appreciation of Kuwait Fund's development efforts and varied humanitarian and philanthropic initiatives in favor of children and the society, the United Nations Children's Fund (UNICEF) honored Kuwait Fund on the sidelines of UNICEF-organized events that coincided with World Children's Day celebrations on November 20th. (end)