Kuwait fund to finance new projects in Middle East - Zawya Projects

More Articles from 

Zawya Projects News

Kuwait fund to finance new projects in Middle East

Kuwait fund to finance new projects in Middle East Photo Credit:REUTERS/Stephanie McGehee
Plans to spend $850 million to finance projects worldwide in 2017.
17 January 2017

By Marwa Abu Al-Majd

The Kuwaiti government-owned Kuwait Fund for Arab Economic Development (KFAED) will finance infrastructure and other projects in Egypt, Sudan, Yemen and Lebanon in 2017,  according to the Fund’s Director General Abdulwahab Al-Bader.

“We intend to spend $850 million to fund projects worldwide in 2017,” he told Zawya Projects, adding that KFAED’s activities have not been affected by weak oil prices

He said projects in Egypt include a sea water desalination plant in the Northeastern Port Said and extending electricity for houses in Sinai Peninsula.

The Fund will also finance infrastructure projects in Ibb governorate in Southern Yemen, sewage and irrigation water projects in Chouf district in southeast Lebanon and a power generation plant in Sudan, he said.

Over the past four years, the fund has helped finance projects worth $5.03 billion globally in transport, health, education, energy, power and water sectors, including Egypt, Sudan, Tunisia, Yemen, Lebanon and Mauritania.

© Zawya Projects News 2017