• More than USD 20 billion was provided by the Fund to finance 986 projects in developing countries over a period of 57 years.
• Al-Bader: "We are proud of our contribution in implementing the humanitarian and development initiatives launched by Kuwait under the guidance of His Highness the Amir."
• The Fund has provided a total of KD 6.4 billion-worth of loans to developing countries, of which about KD 4.9 billion was withdrawn.
• KFAED has contributed nearly KD 360 million of its profits to the Public Authority for Housing Welfare since 2003.
• Kuwait Fund has contributed to national efforts and initiatives, helping train and encourage youth, and developing their skills.

 

As Kuwait Fund approaches its annual anniversary on December 31, 2019, its long and proud 58^th-year journey continues.

Over the past 57 years, the Fund continued its mission and efforts to support growth and development causes in developing countries. As the first development finance institution in the Arab world, since the early 1960's, Kuwait Fund's establishment proved to be a wise decision by the Kuwaiti leadership at the time.

Kuwait, being the only developing country at the time to assist and support other developing countries, sought to tackle issues that faced development and growth in the region and meet development priorities of nations by providing soft loans, support, grants, and technical assistance.

By its 58^th year, Kuwait Fund for Arab Economic Development had become Kuwait's pride in development efforts and a partner with over 107 developing countries around the world regardless of race, language, or religion.

Kuwait Fund participates strongly in the process of international development, whether through supervising and managing Kuwait's financial grants, or by financing priority projects for governments of beneficiary countries, even in some of the largest world countries such as China.

Furthermore, the Fund's financial and humanitarian efforts were present at major international crises such as the Syrian refugees and the reconstruction of Lebanon, Gaza, and Iraq.

To mark the occasion, KFAED Director-General Abdulwahab Al-Bader offered, in a statement in his name and on behalf of the Fund's employees, his sincere congratulations to His Highness the Amir, the Kuwaiti government and people on the advent of the Fund's 58th anniversary.

Al-Bader stressed the importance of continuing to deal with major challenges facing the development process in the current era.

"The challenges facing development have grown more complicated over the past years, and the development process today demands further effort and cooperation than in the past. The Fund's business strategy now includes financing projects that contribute to achieving the Sustainable Development Goals (SDGs), focus on international development from three dimensions; economic, social, and environmental, and solve major issues such as poverty, food security, gender equality, and climate change."

Al-Bader also affirmed that KFAED continued to achieve the desired economic goals since its inception in 1961, noting that it has become, by 1987, a self-financing state institution and no longer dependent on the state of Kuwait for its annual capital.

Making its income to finance its capital and more, the Fund uses its financial profits to support local establishments in Kuwait. In 2002, KFAED purchased nearly KD 500 million in bonds from Kuwait Credit Bank at an annual interest rate of 2 percent and over a period of 20 years, and under better conditions than what have been provided to world countries at the time.

The Fund has also been deducting no more than 25 percent of its net profits annually, since 2003, for the Public Authority for Housing Welfare to support resources. The total amount paid up until 2019 has amounted to KD 360 million.

The Director General also said that KFAED provided funding for nearly 986 development projects around the world over a period of 57 years. The net value of the loans provided by the Fund has amounted to about KD 6.4 billion (equivalent to about USD 20 billion), of which 76 percent has been withdrawn in an amount totaling KD 4.9 billion (equivalent to about USD 16 billion). From the amounts withdrawn by developing countries, 61 percent has been paid off, nearing KD 3 billion (equivalent to about USD 9.8 billion).

Al-Bader also elaborated that the Fund contributed to financing a number of other local activities and initiatives, including launching a program to train newly-graduate Kuwaiti engineers and architects in an 18-month program, as well as following policies and procedures that encourage Kuwaiti consultancies, contractors, and suppliers to participate in the implementation of financed development projects worldwide.

To this day, Kuwaiti consultancies, contractors, and suppliers have benefited by about KD 685 million, he said.

Moreover, KFAED contributed to supporting an initiative aimed to encourage high school students to excel in high honors in their studies by rewarding them with trips to development countries the Fund cooperates with.

The trips allow the students to realize the importance of joint cooperation, the need for determined development efforts among different countries, and the historical and touristic sides of these countries.

The Kuwait Fund, throughout 57 years since its foundation, has been a partner in development, growth, and humanity effort all around the globe. (end)