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VideosJanuary 18, 2021
Kuwait Fund: Extending Loans to Finance Development Projects in Developing Countries Since 1961
- Published: January 18, 2021
Abdulwahab Al-Bader, Director General of the Kuwait Fund for Arab Economic Development, explains what makes the fund unique. Kuwait Fund has been extending loans to finance development projects in developing countries since 1961. The Fund also provides technical assistance to finance the costs of the feasibility studies of projects.
"We established Kuwait Fund in 1961. Kuwait was blessed with oil and wealth at that time compared to other countries. The idea was to establish a long lasting institution that was available to assist, especially through grants in different areas. That is what is unique about the Fund. Over the years, we have built up the Fund to be able to work even through the darkest and the worst days. We have worked during the occupation of Kuwait. We managed to work outside of Kuwait and disperse our commitments to many projects and many countries. At that time, this was very unique. We have worked and committed and even increased our commitments during times when even within Kuwait there were financial problems. In the 80s, when the price of oil dropped to $11, $9 at one time, and there was no allocation to our capital, Kuwait Fund was working and never stopped or reduced its commitments. Our commitments have continued increasing over the years to the current level. We are an institution with adequate resources and we have good administration of our resources to enable good utilization for lending and working outside, which leaves us in a position to work and recipient countries who deal with us know that their resources will not be affected or stopped for any reason. That is why we have good relations at the same time with our counterparts and with our recipient countries. And we have their trust, first of all, of continuing cooperation, continuing commitments, and not only that, good advice and utilization of our second resources, not just financial resources but personnel resources. Over the years, we have built this good base staff that can help countries even in Africa and Asia with their efforts, because some of them depend on our advice even in their relations with contractors and others, especially with different difficult projects", says Abdulwahab Al-Bader.
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