Kuwait- KFAED transfers KD 205 mln to Public Authority for Housing Welfare
Date
4/30/2016 7:10:24 AM
(MENAFN- Kuwait News Agency (KUNA)) By Salem Al-Mithin KUWAIT April 30 (KUNA) -- A sum of KD 205 million has been transferred by the Kuwait Fund for Arab Economic Development (KFAED) to the Public Authority for Housing Welfare as part of the amounts due to the authority Director General of KFAED Abdulwahab Al-Bader said Saturday.
Al-Bader told KUNA that these amounts will be completed to the authority once the final financial budget accounts are finalized which are a total of KD 312 million noting that the fund deducted 25 percent of its net profits to help the authority meet its obligations in providing residential care.
Al-Bader stressed that the fund does not constitute a burden on the state budget but in fact it is self-funded due to its own annual profits since 1986.
"The Fund has provided more than KD 500 million dinars to Kuwait's Credit Bank between 2002 and 2007 in the form of bonds for the purpose of providing assistance to the housing problem" Al-Bader said.
He also pointed out that the fund's total projects for Arab countries amounted to about 900 projects involving several sectors such as agriculture energy transportation and other development projects for the benefit of 105 countries with a total value amounting USD 5.18 billion." Last fiscal year the number of projects financed by the Fund reached 29 projects with a total loan commitment of about KD 242.3 million covering transport energy water seweage agriculture and Industry in addition to social. (end) skm.mb
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