Kuwaits offers 1 billion in loans to African countries for next

20 Nov 2013 08:50am
KUWAIT, 20 NOV (NAMPA) – The Government of Kuwait has directed that the Kuwait Fund for Economic Development should offer loans to African countries in the amount of 1 billion dollars (N.dollars 10 billion) during the next five years.
The ruler of the State of Kuwait, Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, announced this welcome news during the official opening of the Third Africa-Arab Summit here on Tuesday.
The Third Africa-Arab Summit, which is being attended by 63 African and Arab countries, aims to highlight the true friendship and cooperation between the two regions, and will focus on boosting cooperation in the fields of politics, economy, investments and partnerships between civil society institutions.
It will also include further coordination of the African-Arab positions towards political issues of common interest, especially regional security and peace.
“The Kuwait Fund for Economic Development has played a prominent role in expanding relationships with countries of the world to build bridges of cooperation in the fields of development with various African-Arab countries,” he noted.
The Fund is present in 48 countries out of the 54 of the African Union (AU), and has contributed to the financing of several projects in the sectors of agriculture, transport, energy, water, infrastructure, health and education.
The total value of contributions is more than $ 6.4 billion (N.dollars 64 billion).
The politician explained that Kuwait recognised the strategic importance of the Africa-Arab group, and had long sought to strengthen the partnership between the regions by deploying its diplomatic missions in all parts of the African continent.
This happened as the Kuwait Fund for Economic Development became active in projects which promote development in African countries.
“I directed officials of the Fund to offer soft loans to African countries in the amount of 1 billion dollars (N.dollars 10 billion) during the next five years, not to mention investments by a number of Kuwaiti corporations in various sectors,” the Kuwaiti leader noted.
He further stated that his country is determined to work in cooperation and coordination with the World Bank and other financial institutions to guarantee investments during the coming years in African countries, with a focus on infrastructure as an added value for the economies of these countries.
The first Africa-Arab Summit was held in Cairo, Egypt. It was attended by 60 Africa-Arab countries, whilst the second Summit took place in Sirte, Libya, and was attended by 66 countries.
Namibia is represented here by Deputy Prime Minister Marco Hausiku, accompanied by Deputy Foreign Affairs’ Minister Peya Mushelenga.