Kuwait city: The Kuwaiti Fund for Arab Economic Development (KFAED) has entered into a grant agreement with the Organization of Islamic Cooperation (OIC), allocating USD 500,000 to enhance science and technology across Africa. This initiative marks a significant step towards fostering development in the region's scientific sectors.
According to Kuwait News Agency, the fund emphasized that this project aims to develop human resources within all OIC member states. It also aligns with several sustainable development goals, including health and well-being, quality education, affordable and clean energy, and decent work and economic growth. The agreement was signed by Waleed Al-Bahar, Acting Director General of KFAED, and Aftab Khokher, OIC Assistant Secretary General for Science and Technology.
KFAED, founded in 1961, initially focused on assisting Arab countries with an initial capital of KD 50 million (approximately USD 163.6 million). In 1974, the fund expanded its scope to include African countries, supporting both Arab and African nations in their development efforts.