The Kuwait Fund for Arab and Economic Development (KFAED)
was established on December 31, 1961, as a mechanism through
which the State of Kuwait could extend loans and aid to Arab
and other developing countries.
The KFAED is an autonomous public body having an independent
legal identity. It is administered by a Board of Directors
whose members are appointed by HH the Crown Prince and the
Prime Minister, and the Chairman of the Board. The Prime Minister
has delegated this authority to the Minister for Finance.
The management of the Fund is the responsibility of the Director
General, who is appointed by the Chairman of the Board. One
or more Deputies to the Director General assist him in the
management of the Fund. |
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In order to discharge its functions, the Fund was given broad
freedom of movement, and the right to follow any of the courses
outlined in the Law and its Statutes.
Its functions are:
Offering loans and guarantees;
Offering grants for technical aid and providing other forms of
technical assistance;
Participating in the capital of development institutions; and
Participating in the capital of international, regional and other
development finance institutions.
The Fund has placed emphasis on financing the agriculture, irrigation,
transport, communications, energy, industry, and the water and
sewage sectors.
It offers assistance to:
Central and regional governments, public utilities and other
public institutions.
International, regional and local development institutions, particularly
development financial institutions.
Establishments which undertake joint projects between a number
of developing countries, and various private institutions concerned
with development.
In pursuing its objectives and goals, KFAEDs exclusive
concern is to serve the interest of the countries with which it
cooperates and to promote friendly relations between them and
Kuwait. Over a period of 40 years, the Fund has played an effective
role in strengthening the ties of co-operation and friendship
between Kuwait and other countries.
According to the recent statistics, the Funds paid-up capital
since its foundation amounts to KD 2,000 million. Total loan disbursement
extend amounted to KD 3,077 million. The Fund has granted 595
loans since its inception and extended technical assistance on
196 occasions to different countries and organisations, which
have benefited 96 countries in Africa, Asia, Europe and Latin
America.
For more information, visit www.kuwait-fund.org
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