Latest news with #WaleedAl-Bahar
Zawya
25-04-2025
- Business
- Zawya
Kuwait Fund signs $2.5mln grant in support of Somalia
WASHINGTON - Kuwait Fund for Arab Economic Development (KFAED) signs a grant agreement on Thursday with the UN in order to help facilitate humanitarian efforts in Somalia with a sum of USD 2.5 million for 2025-2026. In a press statement the Fund said the agreement was signed by Director General Waleed Al-Bahar at UN office of the Coordinator of Humanitarian Affairs Lisa Dotten during the spring meeting of the World Bank and International Monetary Fund in Washington. They also explained the funds aim to provide essentials services under the frameworks of implementing the UN Humanitarian Response Plan for Somalia by providing direct funding and enabling the delivery of life-saving assistance through implementing the small projects with local partners in Somalia. The Fund will also be helping in mobilizing the financial and technical resources necessary to ensure the integration and effectiveness of the humanitarian response. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Zawya
24-03-2025
- Business
- Zawya
KFAED, Bahrain sign $32.4mln loan deal for Sheikh Jaber Al-Ahmad Highway
MANAMA - The Kuwait Fund for Arab Economic Development (KFAED) and Bahrain's government signed on Sunday a loan agreement estimated at KD 10 million (about USD 32.4 million) to fund the second phase of developing the project of Sheikh Jaber Al-Ahmad Al-Sabah Highway. The project aims to back Bahrain's social and economic development through evolving one of the main vital highways in the capital. It is expected to partake in achieving some sustainable development goals, including infrastructure, and enhancing local cities and communities' sustainability as well as reducing carbon emissions caused by traffic. The scheme also includes expanding Sheikh Jaber Al-Ahmad Al-Sabah Highway from three to four lanes in each direction along 11 km, in addition to setting up five bridges. The scheme's total cost is evaluated at USD 404.4 billion, and the KFAED covers about 8 percent of this cost. Under the deal, the loan agreement, with a term of 20 years and a grace period of eight years, will be repaid in 24 semi-annual instalments. The loan carries an interest rate of three percent per annum, with an additional 0.5 percent per annum fee to cover administrative costs and services related to the loan agreement. It is the 22nd loan offered by the fund to Bahrain. The deal was signed by Acting Director General of KFAED Waleed Al-Bahar and Bahrain's Minister of Finance and National Economy Sheikh Salman bin Khalifa, in the presence of Kuwait's Ambassador to Bahrain Sheikh Thamer Jaber Al-Ahmad Al-Sabah. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
Zawya
12-03-2025
- Health
- Zawya
KFAED signs $2.5mln grant deal with WHO for Yemen health project
KUWAIT - Kuwait Fund for Arab Economic Development (KFAED) signed Tuesday a deal with World Health Organization (WHO), offering USD 2.5 million to support enhanced access to renewable energy sources for healthcare facilities in Yemen. The project is meant to improve the quality of basic health services for the population, cut the reliance of health facilities on unreliable energy sources, and reduce carbon emissions by providing six hospitals with continuous and reliable renewable energy sources, KFAED said in a press release. These health facilities will annually serve about 935,000 people directly and about 1.6 million additional indirectly, it added. The project involves design, supply, installation and maintenance services for solar energy systems, energy storage batteries and ancillary components to supply health facilities with solar energy to operate priority departments, it explained. The KFAED pointed out that the project implementation period is expected to take about two years. KFAED Acting Director General Waleed Al-Bahar and WHO Representative to the State of Kuwait Dr. Assad Hafeez signed the grant agreement. This grant is the tenth contribution of its kind between the two institutions in the field of humanitarian support, as the fund has previously provided about USD 25 million to the WHO since 1994 to finance nine projects. All KUNA right are reserved © 2022. Provided by SyndiGate Media Inc. (
