The Kuwait Fund for Arab Economic Development (KFAED) will participate this evening in the annual "Africa Day" celebration. Organized by the ambassadors and heads of African diplomatic missions accredited to Kuwait, the event takes place at the Regency Hotel-Kuwait to commemorate the founding of the African Union.

Marking its eighth consecutive year of participation, KFAED will have a dedicated pavilion showcasing its development and humanitarian efforts across 50 African countries.

The event promises a vibrant display of African culture and heritage. Over 30 embassies from the African Union will participate, each showcasing unique artifacts, crafts, and tools reflecting the diverse professions and activities of their respective nations.

KFAED remains committed to fostering strong cooperation and promoting development initiatives across the African continent. This dedication stems from a long-standing relationship built since the 1970s. To date, KFAED's contributions to Africa have surpassed USD 11.5 billion, provided in the form of concessional loans and technical assistance. These resources target various development sectors, ultimately aiming to achieve economic prosperity across the continent.

Underscoring this enduring partnership, a seminar titled "Sixty Years of Kuwaiti-African Relations" was held yesterday at the Saud N. Al-Sabah Kuwait Diplomatic Institute. The seminar, organized by the institute, was attended by Eng. Thamer Al-Failakawi, KFAED's Superintendent for West African Countries Affairs, alongside members of the diplomatic corps in Kuwait.

During the seminar, Al-Failakawi emphasized the significance of Africa within KFAED's global operations. He highlighted that KFAED's projects in Africa constitute more than 57% of its total activity worldwide. These initiatives have demonstrably improved the economies of partner nations and positively impacted the lives of millions. Examples include the Aftout Essahli Project in the Islamic Republic of Mauritania, and the Corniche Roads Project in the Senegalese capital, Dakar, benefiting an estimated 14 million people. The Fund's contributions have also significantly bolstered the electricity sector in Ghana.

Established in 1961, the Kuwait Fund holds the distinction of being the first development institution of its kind. Initially focused on financing development projects in Arab countries, KFAED's reach expanded to encompass all developing nations around the globe by 1974. To date, the Fund has provided support to a total of 105 countries worldwide.