Kuwait Fund for Arab Economic Development

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Kuwait Fund for Arab Economic Development

An agency of the government of Kuwait intended to encourage international development. It was the first organization established by a developing country to assist developing countries. It was founded in 1961 with profits from Kuwait's oil reserves. See also: Petrodollar, AFESD.
References in periodicals archive ?
Additionally, KFAED also inked a loan agreement worth $32m (KWD9.
In December 2014, Egypt and KFAED signed a loan agreement worth approximately $105m, to be used to invest in a power plant project located west of Cairo.
The KFAED also gives $US 41 million to finance the rural development project in Ibb and Rayma provinces.
The supplementary KFAED loan agreement will extend over a term of 22 years, including a grace period of two years, and is to be amortised in 40 semi-annual instalments, the first of which will be due after the elapse of a grace period of two years.
Both agreements were inked by KFAED Director-General Abdulwahab Ahmed Al-Bader on behalf of the fund.
The second agreement lays down that the KFAED donates $35 million contribute to financing a project of developing the electricity network in Aden governorate.
In the presence of Prime Minister Hesham Qandil, the Minister of Planning and International Cooperation Ashraf El-Arabi, signed the loan agreement with Abdel Wahab El-Badr, the general director of KFAED.
The well-achievers trip initiative was launched by KFAED in 2010, organizing two separate trips a year for 12 males and 12 females from high schools.
KFAED Director General Abdulwahab Al-Bader declared that Egypt has received a USD 300 million worth of annual developmental assistance from Kuwait Fund for Arab Economic Development (KFAED).
The project aims to highlight the heritage of the ancient Phoenician settlement of Sidon, and to support the modern city's cultural and touristic activities, KFAED said in a statement, adding that the contract signing is due to take place next Monday.
During the meeting, al-Badr said that KFAED has made a loan of $54 million to Yemen, which aims to link rural areas and villages to the urban centers and cities through rural roads in most of the governorates as well as providing the required institutional and consulting services to oversee the implementation of the roads.
On her side, student Noor Hajyia explained her admiration of such an experience of seeing projects financed by KFAED in reality and how she benefited from it.