KUWAIT, — Kuwait Fund for Arab Economic Development (KFAAED) has provided KD 29 million for poorest Muslim nations until March 2016.
KFAAED’s Goodwill Fund aims to face the impact of world food crisis on under-developed countries, by boosting the agricultural field, said KFAAED in a report published by Kuwait News Agency (KUNA), on Sunday.
The Goodwill Fund was established under direct orders by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah during the Fourth World Islamic Economic Forum, held in Kuwait in 2008.
KFAAED added that His Highness provided USD 100 million for the fund to support the poor countries.
Meanwhile, the report noted that the total aid provided to Arab countries until March 2016 was KD 6.7 million, while assistance for central, south and east Africa reached KD 3.7 million.
West African countries had the most share of the financial support, reaching KD 13.1 million, it added.
As for eastern and southern Asia and the Pacific, the total aid was KD 5.5 million, KFAAED also said.
Kuwait’s Cabinet stated that each country’s share in the Goodwill Fund’s aid must not exceed USD 10 million, below one percent, the report said.
The fund’s aid and loans are used in funding micro and small enterprises in agriculture and raising livestock to achieve food security, KFAAED noted.
KFAAED, established in 1961, is the first organization aimed at achieving development in the Arab World and other developing countries. (USD=KD 0.301)
Source: Nam News Network