(MEBG) – Since its establishment almost four years ago, the Kuwait Fund for Arab Economic Development has granted a total of 3.07 billion dinars ($9.96 billion) in loans to developing countries.
In a report to a Kuwaiti news agency, the fund’s director, Bader Al Humaidhi, said that 96 countries around the world benefited from the 590 loans offered by this state agency – with 3.8 percent of the funding distributed in Arab countries and the remainder in Asian, African, European and South American nations.
The funds were used for the financing of transportation, electrical power, water, agricultural and industrial projects.
The fund also extended loans to other aid agencies, amounting to 55 million dinars ($178.6 million) and contributions exceeding 334 million dinars ($1.08 billion).
The fund, established in 1961, has become a cornerstone of the foreign policy of the Gulf state.