KFAED funds 324 $4bln worth projects in non-Arab African countries: report

Egypt, KFAED ink KD25mln loan deal

CAIRO, Nov 23, (KUNA): Kuwait Fund for Arab Economic Development (KFAED) Director-General Abdulwahab AlBader said Saturday the fund has financed 324 projects in non-Arab African countries with loans worth USD four billion.

Al-Bader made the remark during a debate on Arab-African investments, held as part of an ongoing forum on investment in Africa.

The fund has contributed to bankrolling a large number of infrastructure projects that have promoted local, regional and international trade in the African continent, he said.

He added that infrastructure utilities involve transport, communications and energy, noting that these development projects have helped in the drawing of foreign investments to Africa.

The fund was established on December 31, 1961, and his activities were expanded in 1974 to cover non-Arab countries, with non-Arab African countries having been in the forefront of beneficiaries.

The KFAED chief noted that the total Arab aid to African countries exceeded USD 100 billion.

Meanwhile, Egypt and Kuwait Fund for Arab Economic Development (KFAED) on Saturday signed a loan agreement worth KD 25 million (around USD 85 million).

The loan will be used in bankrolling a road project that is part of Egypt’s Sinai Peninsula development project. It was signed by Egyptian Minister of Investment and International Cooperation Sahar Nasr and KFAED Director-General Abdulwahab Al-Bader, with Prime Minister Mustafa Madbouli attending.

The project aims at promoting Egypt’s road network, boosting road safety and reducing operation costs.

It is the 52nd loan offered by the KFAED to Egypt, hitting a total of

KD 1.39 billion (USD 3.5 billion).

Car thieves under probe:

Personnel from the Criminal Investigation Department (CID) have referred five men – a Jordanian, Syrian and three Egyptians – to the Public Prosecution for impersonating employees of the Kuwait Municipality for stealing, dismantling and selling cars for scrap, reports Al-Rai daily.

According to what was published earlier by the daily the main accused are the Jordanian and the Syrian who stole the cars and after dismantling the parts sold them as scrap in Amghara.

The men are likely to face 20 cases of theft which they committed in and around Nugra and Maidan Hawalli.

The source added that the mother of the Jordanian handed over her son to the security authorities after she was informed that he is required by law for investigation in the case of the theft of cars.

Drunkard hospitalized:

An unidentified Asian expatriate has been admitted to the Farwaniya Hospital under police guard after he was caught drunk, reports Al-Anba daily.