The Kuwait Fund for Development recently celebrated its 62nd anniversary, proudly announcing its support for projects in over 100 countries across the globe. With a focus on sustainable development, the Fund has played a vital role in advancing development goals in various regions, including Arab countries, Africa, Asia, Europe, Latin America, and the Caribbean.
Over the past six decades, the Kuwait Fund for Development has provided assistance to 16 Arab countries, 42 African countries, and 19 countries in East and South Asia and the Pacific. In addition, the Fund has extended its support to 17 countries in Central Asia and Europe, as well as 13 countries in Latin America and the Caribbean. Through 1,012 soft loans, the Fund has allocated approximately 6.8 billion dinars to the governments of these countries, facilitating the implementation of crucial development projects.
According to Walid Shamlan Al-Bahar, the Acting Director General of the Kuwait Fund for Development, the organization has consistently maintained its status as the leading development institution in the Middle East region. Since its inception, the Fund has positioned Kuwait as a dedicated nation committed to global development efforts. Its well-defined strategy focuses on financing projects that contribute to achieving sustainability objectives, making it a unique entity on the global map of development organizations.
One area where the Kuwait Fund for Development has made a significant impact is in addressing major international crises, particularly refugee issues in Arab countries. The Fund has actively participated in tackling the Syrian refugee crisis, recognizing the immense humanitarian tragedy faced by the Syrian people. Additionally, the Fund has played a crucial role in supporting the reconstruction challenges of Lebanon, Palestine, and Iraq. Through collaboration with the Kuwait Red Crescent Society, the Fund has provided assistance to Rohingya refugees in the Republic of Bangladesh.
While the Fund’s international efforts are commendable, it has also prioritized initiatives within Kuwait itself. Since 2003, the Fund has allocated no more than 25% of its annual net profits to the Public Welfare Organization, primarily addressing the housing issue. This commitment has amounted to approximately 1.3 billion Kuwaiti dinars, significantly contributing to improving housing conditions in the country.
Moreover, the Kuwait Fund for Development has recognized the importance of investing in local talent. In 2004, it initiated a training program for newly graduated Kuwaiti engineers and architects, providing them with practical experience to meet the demands of the local market. Additionally, the Fund launched the “Be Among the Outstanding” initiative in 2010, inspiring high school students to strive for success and excellence.
Collaboration is also a key aspect of the Fund’s operations. It works closely with the Gulf Interconnection Authority for the Arab Gulf Cooperation Council countries to finance the Wafra station project. With a value of 70 million Kuwaiti dinars, this project strengthens national electrical networks, ensuring the sustainability of electrical energy under all circumstances.
One notable aspect of the Kuwait Fund for Development is its self-sustaining nature. It relies on profits from loan interest and investments worldwide, without burdening the state’s general budget. This financial independence allows the Fund to continue its mission of supporting development projects globally, making a lasting impact on communities around the world.
In conclusion, the Kuwait Fund for Development has proven itself as a leading institution in advancing global development goals. With its extensive support for projects in various regions and its commitment to sustainability, the Fund has positioned Kuwait as a key player in the international development arena. Through its collaborative efforts and dedication to local initiatives, the Fund continues to make a positive difference in the lives of people worldwide.
Source: TimesKuwait