KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT HAS DISCONTINUED LENDING TO ANY COUNTRY

  • 06/10/2022

Kuwait City: The Kuwait Fund for Arab Economic Development (KFAED) has temporarily halted new funding to any country until further notice, while previously scheduled funding flows contracted with countries six months ago will continue. According to the sources, "the temporary suspension is due to the end of the fund's board of directors' term last March, as the approval of granting new loans requires the board's approval, provided that the period of its mandate is valid and has not expired."


The sources stated that “there are about 116 million dinars payable from the fund to the Public Authority for Housing Welfare, but its transfer is stalled despite its readiness, due to the failure to approve the final accounts of the fund for the last two fiscal years.”

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