Kuwait pledges $1 billion to Africa

KUWAIT CITY, Kuwait –  Kuwait will give US$1 billion to African countries in the next five years, said His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, during the third Arab-African summit held from 19-20 November. This is in keeping with the commitment between Arab countries and Africa.

"I directed officials of the Fund [the Kuwait Fund for Arab Economic Development] to extend soft loans to African countries in the amount of USD 1 billion over the next five years, not to mention investments by a number of Kuwaiti corporations in various sectors," His Highness said.

New prize for research

The Amir also announced the creation of an annual prize worth $1 million in the name of late philanthropist Dr Abdulrahman Al-Sumait, focusing on development research in Africa.

The announcements came amid discussion to create the world's newest free trade zone - between the Middle East and Africa - which would fuel economic development through lowering barriers to international business. The zone is being proposed by Kuwait at the two-day conference which began in Kuwait City today, hosted by the Amir.

The summit is also expected to hear Kuwait call for other Arab countries to follow its lead in investing in African countries and the development of the African private sector, as well as for an empowering of the role that women play in driving effective development.

Since its inception in 1961, the Kuwait Fund for Arab Economic Development (KFAED), or Kuwait Fund, has contributed over $6.4 billion to projects in 48 of the 54 African states.