Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Kuwait - 'Arab nations get more funds than Africa, Asia'   Join our daily free Newsletter

MENAFN - Arab Times - 25/03/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab Times) Around 56 percent of Kuwait Fund for Arab Economic Development's (KFAED) aid are directed to the Arab countries, Director General Abdulwahhab Al-Bader said Monday. The Arab countries occupy the largest share of KFAED's financial assistance despite extension of operations of the fund to include African and Asian countries, Al-Bader said in a statement to reporters who were in Kuwait to cover activities of the Arab summit. He said the fund sought to continue its assistance to development projects in the Arab and developing countries. KFAED, which was established in the wake of Kuwait's independence in 1961, aims at helping Arab countries develop their economies by offering easy loans for development projects, said Al-Bader.



He noted that the fund extended around 850 loans for around 104 countries around the world. Kuwaitis are well known for helping the others, he noted, and this work was organized in an institutionalized manner by the establishment of KFAED. Al-Bader said there were countries benefitting from loans with interest rates ranging from 0.5 to two percent, depending on the nature of the project, economic condition of the country and execution period of the venture. KFAED, he added, was also helping Arab and regional development organizations. The fund, noted Al-Bader, has been concentrating on infrastructure and social projects since 2000. He said KFAED started paying additional attention to agriculture project since the start of the global food crisis in 2007



Operations

Al-Bader said KFAED resumed operations following a limited halt caused by the August 1990 Iraqi invasion of Kuwait. The fund was operating from its London office and continued provision of funds that were approved before the invasion. KFAED is keen on coordination with Arab and international development funds, like OPEC Fund for International Development (OFID). Al-Bader said countries that fail to pay the instalment for 45 days would not get new funding. Domestically, Al-Bader said KFAED financed Kuwait Credit Bank's bonds with 500 million dinars. He said the fund was allocating 25 percent of its annual net profits for the Public Authority for Housing Welfare, as well as training fresh graduating engineers. Al-Bader said KFAED was financing projects in Yemen and would build five schools in Palestine. The fund was financing different types of projects in 40 African countries




 


Arab Times




  MENA News Headlines
 Feb 27 2015 - UAE's Etisalat posts USD13.28b revenue in 2014MENAFN
(MENAFN) UAE's Etisalat , or Emirates Telecommunications Corporation, posted USD2.42 billion net profit on revenues of USD13.28 billion in 2014, Gulf News reported.The telecommunications company said ...

 Feb 27 2015 - Oman's economic growth projected at USD75b in 2015MENAFN
(MENAFN) Oman's real gross domestic product (GDP) growth is projected at about 3.2 percent and 3.4 percent in 2015 and 2016, respectively, by global rating agency Standard & Poor's, Times of Oman ...

 Feb 27 2015 - UAE's Meraas gets USD588.8m contracts for advanced Dubai property projectsMENAFN
(MENAFN) UAE's Meraas was awarded USD588.8 million worth of contracts to Al Futtaim Carillion to build its ambitious Le Mer and Dubai Creek Waterfront schemes, The National reported.The project is ...

 Feb 27 2015 - Lebanon-born Syrian refugees risk stateless legal limboAFP
(MENAFN - AFP) Syrian refugee Yasmine Khalaf lies next to her day-old daughter Israa in a Lebanese hospital, worrying that her tiny newborn risks life without a legal identity. Israa, sleeping ...

 Feb 26 2015 - Jordan- King departs for CairoJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)- His Majesty King Abdullah II on Thursday left for Cairo on a visit to Egypt during which he will hold talks with Egyptian President Abdul Fattah ...

 Feb 26 2015 - Jordan- 688 dead 14000 injured in traffic accidents in 2014Jordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Statistics issued by the Central Traffic Department (CTD) Thursday showed that the number of traffic accidents and deaths had declined in 2014 ...

 Feb 26 2015 - Jordan- Conference on women in Sharia concludes meetingsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb.26 (Petra) - The closing session of Women in Sharia" conference which concluded meetings Wednesday evening discussed challenges faced by workers in the defense ...

 Feb 26 2015 - Jordan condemns burning of church in Jerusalem by Jewish extremistsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Minister of State for Media Affairs Mohammad Al Momani Thursday condemned the burning of a church by Jewish extremists in occupied Jerusalem earlier ...

 Feb 26 2015 - Jordan NATO discuss ties counter- terrorism effortsJordan News Agency
(MENAFN - Jordan News Agency) Amman Feb. 26 (Petra)Secretary-General of the Ministry of Foreign Affairs and Expatriate Affairs Mohammad Bani Yaseen and NATO Assistant Secretary General for Emerging ...

 Feb 26 2015 - Lebanese economy to grow 2.2 percent in 2015MENAFN
(MENAFN) Lebanon anticipates its economy to grow 2.5 percent in 2015, according to finance minister, after reporting a Eurobond of USD2.2 billion, the largest issue in the country's history, ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help