Kuwait Approves USD 2 Bn Grants and Concessionary Loans For African Countries

Kuwait has approved funds worth USD 2 Bn as grants and concessionary loans to Africa.

According to the Ambassador of the State of Kuwait to Nigeria, Mr. Abdulaziz Albisher, the funds will be used as investment and for development projects for the next five years.

Albisher made the revelation during a pre-58th National Day where he interacted with a number of selected media houses in Abuja. He was keen to mention that Kuwait has always had Africa at heart.

“The USD 2 Bn is meant to support the efforts of the African countries towards realising their developmental aspiration in various fields, particularly infrastructure,” adding that the fund to be disbursed will go through legal procedures and will be executed through the Kuwait Fund. “Kuwait has fashioned numerous contributions and initiatives meant to enhance Africa’s development. The presence of my government`s developmental efforts is well recognised.”

He continued, “Let me first of all throw the light on the Arab-African Summit held in Kuwait during which His Highness, the Emir of the State of Kuwait, gave his directive to the Kuwaiti Fund for Arab Economic Development to facilitate grants and concessionary loans to African countries to the tune of USD 2 Bn reserved for investment and development spread over five years.”

Albisher called on African countries to take advantage of the loan granted.

Albisher further disclosed that Emir of the state of Kuwait intends to grant an annual prize of USD 1 Mn. The prize would be channeled to aid development researches and research projects in agriculture, health and Ebola eradication.

Owing to Kuwait’s interest in Africa, His Highness, the Emir of the State of Kuwait earlier attended the 19th African Union Summit held in Ethiopia where he offered to well equip the then newly build African Union Secretariat.

Kuwait Fund for Arab Economic Development is a non-profit organization that provides loans, guarantees, and grants to developing countries. Also it offers joint and parallel financing, feasibility studies, project preparation, sectoral studies, and advisory services. It mostly caters for sectors like agriculture, irrigation, water and sewage sectors, transport, communications and energy.

It has sponsored several projects in Africa including funding 5 desalination plants in Egypt, sponsored a hillside road project in Sierra Leone, financed road construction in Liberia, among others.

Feature image courtesy: The National