Kuwait City – The Kuwait Fund for Arab Economic Development (KFAED) has financed 986 projects worth USD 20 billion in 107 countries around the world since it was funded in 1961. The fund celebrates its 58th anniversary this Tuesday (31), the Kuwait News Agency (Kuna) reported.
KFAED director general Abdulwahab Al-Bader was quoted as saying in a press release that the Fund was the first development establishment in the Arab world. At the time, Kuwait was the soling developing state that decided to help other similar nations through easy loans, grants and other forms of assistance.
The executive added that the developing countries still face great challenges. KFAED aims to finance projects that assist in poverty reduction, food security, gender equality, climate change, and others.
Translated by Guilherme Miranda
