(MENAFN- Kuwait News Agency (KUNA)) By Abdullah Al-Enezi
NEW YORK, March 6 (KUNA) -- Permanent Representative of Kuwait to the United Nations Ambassador Tareq Al-Banai confirmed that Kuwait Fund for Arab Economic Development (KFAED) is a key tool for the country's contribution to the development of nations and global well-being.
During an event held at the Permanent Mission of the State of Kuwait to the UN yesterday evening, Tuesday, Al-Banai addressed attendees, including the Acting Director General of KFAED Waleed Al-Bahar, and accompanying delegation, along with various parties concerned with developmental affairs in Latin America and the Caribbean region.
Development remains the cornerstone of the UN system, Al-Banai stated in a speech, considering this event as an integral part of fundamental foreign policy to enhance cooperation among Southern countries.
KFAED, since its establishment over the past 60 years, and just six months after Kuwait's independence, has financed developmental projects in over 100 countries, he added.
He pointed out KFAED's recent contribution to financing the construction of hospitals, educational institutions, roads, and infrastructure projects, as part of national implementation of goal 17 of the Sustainable Development Goals concerning partnerships.
Meanwhile, Al-Bahar looks to broaden bilateral cooperation with Latin American and Caribbean nations.
In a statement to KUNA, Al-Bahar discussed cooperation with parties in Latin American and Caribbean developmental affairs.
This event provides regional countries with an opportunity to engage with KFAED, understanding the nature and funding requirements of developmental projects it supports, which can drive development in the region, Al-Bahar mentioned.
He emphasized the contributions of Kuwaiti private sector towards completing numerous developmental projects in Latin American countries.
Over the past decades, KFAED has expanded its geographical scope to encompass over 105 countries, with these nations benefiting from over 1,000 loan agreements totaling over USD 22 billion, he noted.
Al-Bahar underlined that as Kuwait's development entity, KFAED has funded projects for Arab and other developing countries for over 61 years, supporting their efforts to enhance social and economic plans.
The Director General of KFAED aims to strengthen bilateral cooperation with development funds of the Gulf Cooperation Council countries to attract and cover costs of developmental projects through an integrated financing plan.
During the event, the Operations Department Supervisor for Latin American and Caribbean Affairs reviewed KFAED's contributions globally and specifically within the region of Latin America, the Caribbean, and Pacific Islands, explaining the loan application process for financing developmental projects.
KFAED's activity in the Latin American and Caribbean region began in 1992, covering approximately 15 countries with 52 developmental projects.
Established in 1961, KFAED is considered the first development institution in the Middle East aimed at assisting developing countries in financing their projects by providing loans and aid. (end)
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