Kuwait city: With a total of almost KD 7.46 billion (USD 24.42 billion) in loans and grants as of last July, Kuwait Fund for Arab Economic Development (KFAED) has been playing a pivotal role in fostering cooperation with global partners, said the Fund's chief on Tuesday.
According to Kuwait News Agency, KFAED's acting Director General Waleed Al-Bahar emphasized the Fund's reputation as a "trustworthy partner" in contributing to capital, forging economic partnerships, and supporting investment-driven infrastructure. The Fund has opened doors for stable and sustainable relations through robust diplomatic ties with beneficiary countries, providing easy loans, technical support, feasibility studies, and training of human resources.
Al-Bahar stated that Kuwait, in its capacity as a responsible and benevolent grantor, has always aimed for global stability by fighting poverty, unemployment, and achieving food security on regional and global scales. Since its establishment in 1961, the Fund has acted as the State's arm in providing support for war-torn and disaster-stricken countries, coordinating with relevant UN and international agencies.
He noted that project selection is governed by the Fund's criteria and the priorities of beneficiary parties, supporting the 2030 UN Sustainable Development Goals. These goals focus on achieving peace and prosperity for people and the planet by addressing critical global challenges such as poverty, hunger, inequality, climate change, and environmental degradation.
Al-Bahar highlighted that Arab countries received KD 316.35 million (USD 1.03 billion), while KFAED's grants and technical assistance to international organizations totaled KD 125.91 million (USD 412.21 million). Additionally, the Fund financed the Wafra station project, in cooperation with the Gulf Interconnection Authority for the Arab Gulf Cooperation Council countries, at a value of KD 70 million (USD 229.1 million) to strengthen national electrical networks and ensure energy sustainability.
Locally, the Fund has provided KD 588 million (USD 1.92 billion) in investment ventures overseas for Kuwaiti companies, focusing on green projects. One notable project is the "Improved Resilience to Transboundary Sand and Dust Storms in Kuwait and Southern Iraq," in collaboration with UN-Habitat.
The Kuwait Fund self-finances from its profits from loan interest and its investments worldwide, without burdening the State's general budget.