Latest news with #KuwaitFundforArabEconomicDevelopment
Kuwait News Agency
24 minutes ago
- Business
- Kuwait News Agency
Kuwait Fund looks into progress on Lebanon projects amid visit
By Fawaz Al-Otaibi BEIRUT, Aug 11 (KUNA) -- The Kuwait Fund for Arab Economic Development's (KFAED) visit to Lebanon aims to follow up on the progress of development projects it is financing there, its acting chief said on Monday. These development projects are highly instrumental in keeping Lebanon's economy on an upward trajectory, Waleed Al-Bahar told KUNA amid a visit to the Lebanese capital Beirut, citing the improvement of infrastructure and basic services as the core goal the KFAED-funded projects. The KFAED acting chief went on to say that he intends on meeting a number of top Lebanese officials in a bid to bolster bilateral economic cooperation, subsequently serving the "best interests" of Kuwait and Beirut, he underlined. On talks with the visiting KFAED acting chief, Lebanon's Finance Minister Yassine Jaber spoke of the need to salvage some development projects that may have been hampered by long-standing civil unrest in Lebanon, hoping that some key projects funded by the Kuwait-based fund would come to fruition shortly. (end)
Kuwait Times
5 days ago
- Business
- Kuwait Times
KFAED sign loan agreement with Nigeria for children's education
KFAED sign loan agreement with Nigeria for children's education KUWAIT: The Kuwait Fund for Arab Economic Development (KFAED) signed a loan agreement with Nigeria on Tuesday to help fund the project aimed at supporting education for children outside the educational system in Kaduna state. On their official X account, KFAED said that the draft agreement signed by the Acting Director General, Waleed Al-Bahar and the Nigerian Minister of State for Finance, Dr. Doris Aneti, is focused on developing the education infrastructure by establishing rehabilitating schools and enhancing access to basic education, especially for children with special needs, girls, and adolescents, in addition to strengthening the capabilities of the educational administration. KFAED was established in 1961 with the aim of assisting other Arab nations with an initial budget of KD 50 million (USD 163.6 million), then in 1974 the establishment started directing its efforts to Africa where both Arab and African nation were receiving supporting funds. — KUNA
Kuwait News Agency
31-07-2025
- Business
- Kuwait News Agency
Amb. Mukai: Kuwaiti participation in Tokyo Conf. on African Development "important"
KUWAIT, July 31 (KUNA) -- The Kuwaiti participation in the upcoming Ninth Tokyo International Conference on African Development (TICAD 9) is important, and falls within the framework of strengthening bilateral development cooperation, Ambassador of Japan to Kuwait Mukai Kenichiro said on Thursday. The TICAD 9 will be held in Yokohama, Japan, from August 20 to 22, 2025, under the theme "Co-create Innovative Solutions with Africa." In a press release by the Japanese Embassy, Ambassador Mukai affirmed that the collaboration between Japan and Kuwait was especially important in the context of TICAD 9, expressing a warm welcome to the upcoming participation of the Kuwait Fund for Arab Economic Development (KFAED) in the conference. He added, "On the occasion of the successful visit of His Highness the Crown Prince of Kuwait Sheikh Sabah Khaled Al-Hamad Al-Sabah to Japan, in May 2025, (a) Memorandum of Cooperation (MoC) on international cooperation between Japan International Cooperation Agency (JICA) and Kuwait Fund for Arab Economic Development (KFAED) was signed to strengthen cooperation in the field of development." He said that the Kuwaiti participation in the conference represents "the first meeting focused on development since the signing of the MoC between our nations, which is essential for sharing visions and finding the next step for further practical collaboration." The ambassador affirmed that the areas of cooperation "will include exchanging information and best practices, conducting consultations, and jointly identifying potential projects, and so on." "The MoC also provides a foundation for various activities and collaborations, such as jointly aiding third countries in the region including Africa and delivering capacity-building workshops in Japan," he stated. "Furthermore, the participation of KFAED, which has extensive knowledge and experience in the development sector in Africa and other regions, will further enhance the influence and importance of TICAD 9 in bringing resilient and sustainable growth to Africa." He asserted, "Japan will continue to further deepen the partnership with Kuwait and relevant stakeholders and undertake efforts for a sustainable future in Africa and the world." He added, "With the renewed partnership between JICA and KFAED, we envision that this cooperation will contribute meaningfully to addressing economic, social and environmental challenges and realizing a sustainable development in the African continent to strengthen the partnership between the two countries." TICAD is a long-standing international conference and platform led by the Japanese government since 1993. It is focused on promoting Africa-led sustainable development under the two principles, African ownership and international partnership, in the priority areas of human capital development, human security, private sector-led growth, and quality infrastructure. TICAD provides an opportunity for a wide range of stakeholders, including African countries and development partners such as regional and international organizations, donor countries, the private sector, academia and civil society organizations, to discuss how to respond to regional and international complex challenges. TICAD plays a vital role in uniting various nations and organizations for promoting development in Africa, with Japan playing a central role in hosting the forum. Simultaneously, Japan has been actively developing cooperative relationships with key international partners, notably the pivotal partnership with Kuwait, to amplify the impact of cooperation in Africa. (end) gta
Arab Times
30-07-2025
- Business
- Arab Times
Kuwait-Benin ties 5 decades strong
KUWAIT CITY, July 30: Deputy Assistant Foreign Minister for African Affairs Ambassador Nayef Al-Mudhaf said the relationship between Kuwait and Benin spans more than 50 years, characterized by strong ties and fruitful cooperation in many areas. In a statement to the press when he attended the recent celebration of the 65th anniversary of the independence of the Republic of Benin, Al-Mudhaf disclosed that the two countries signed 11 agreements, including the skilled labor agreement; in addition to the existence of a joint committee, ongoing political consultations, and other agreements that support the frameworks of bilateral cooperation. Al-Mudhaf disclosed that the Republic of Benin opened its embassy in Kuwait in 2009, while Kuwait opened its embassy in Cotonou in 2012, a manifestation of the strength of bilateral relations. He confirmed that coordination is underway to arrange the visit of the Benin Foreign Affairs Minister to the State of Kuwait, which will be announced in due course. Regarding the domestic worker agreement, Al-Mudhaf explained that it is still under negotiation between the two sides, hoping that an agreement will be reached soon. He added that the number of Benin citizens in Kuwait exceeds 10,000, and most of them are domestic workers. He pointed out that Kuwait, through the Kuwait Fund for Arab Economic Development (KFAED), has so far provided 14 development loans to the Republic of Benin, a total of around KD42 million. He asserted this reflects the depth of the development partnership between the two countries. On the other hand, Ambassador of the Republic of Benin to Kuwait Prof. Baderou Dine Aguemon pointed out that the 65th anniversary of his country's independence is a glorious national occasion to celebrate not only freedom and sovereignty, but also the collective commitment of Benin to move toward a more prosperous, peaceful, and internationally cooperative future. He emphasized that the new Republic of Benin is open and ambitious, ready to forge fruitful strategic partnerships with sisterly and friendly countries, especially Kuwait. He said the Beninese Embassy in Kuwait is ready to serve the community and provide the necessary support to anyone wishing to learn about the opportunities available in his country, urging everyone to contact the embassy whenever necessary. He also expressed his gratitude and appreciation to His Highness the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and His Highness the Crown Prince Sheikh Sabah Al-Khaled for their support and commitment to strengthening bilateral relations between the two countries. He appreciated the warm welcome and the joint efforts to develop cooperation between Benin and Kuwait. He added that cooperation between the State of Kuwait and the Republic of Benin is a model worthy of emulation in terms of relations between the Arab world and sub-Saharan Africa, stressing that the future holds broad prospects for a constructive partnership that serves the aspirations of the two friendly peoples.
Kuwait Times
27-07-2025
- Business
- Kuwait Times
KFAED inaugurates Velana int'l airport expansion in Maldives
KUWAIT: The Kuwait Fund for Arab Economic Development (KFAED) on Sunday inaugurated the expansion and enhancement project of Velana International Airport in the Maldivian capital, Male, as part of a joint Arab development initiative. The ceremony was held in the presence of Maldivian President Mohammad Muizzu, Acting Director General of KFAED Waleed Al-Bahar, several government officials, and representatives from the Arab Coordination Group. In a statement issued by KFAED, the Maldivian President expressed deep appreciation for the generous financial contributions provided by KFAED, the Saudi Fund for Development, Abu Dhabi Fund for Development, and OPEC Fund for International Development. He noted that the soft loans from these institutions enabled the construction of a modern passenger terminal, supporting the country's infrastructure goals and boosting its vital tourism sector. President Muizzu hailed the project as a model of joint development and cooperation, stating the new airport facilities will enhance passenger experience, boost the Maldivian economy, and support the nation's rapidly growing tourism industry. For his part, Al-Bahar stated that KFAED's total contribution to the airport's expansion amounted to KD 37.62 million (USD 123 million).He noted that the expanded airport is expected to serve around 7.3 million passengers annually, helping to stimulate tourism, enhance trade, and open new economic opportunities aligned with sustainable development. Al-Bahar highlighted that the partnership between Kuwait and the Maldives dates back to 1976, when KFAED provided its first soft loan of USD five million to support the development of the airport, then known as Hulhule Airport. Since then, KFAED has extended 15 loans totaling KD 61.1 million (USD 199.8 million) to finance development projects in key sectors, including water and sanitation, transport, healthcare, disaster recovery, coastal protection, and fisheries. He reaffirmed Kuwait's commitment to supporting the Maldives' development journey and expressed optimism for exploring new areas of cooperation in the coming years. Al-Bahar also praised the ongoing partnership between KFAED and the Arab Coordination Group in financing transformative projects that leave a lasting impact on communities. The Fund has also provided the Maldives with technical assistance worth KD 1.3 million (USD 4.2 million) and a grant of KD 583,000 (USD 1.9 million) from Kuwait's 'Decent Life Fund for Islamic Countries' to support food security and improve living standards— KUNA
