The
Kuwait Fund, also known as the Kuwait Fund for Arab Economic Development, was an aid agency that came up in 1961. It is through this Kuwait Fund that the State of Kuwait can provide aid and loans to developing countries and Arab nations. Initially although economic help was extended only to the Arab countries but from 1974 onwards, the Kuwait Fund reached out their economic aid to the rest of the world as well. In 1981 the capital of Kuwait Fund reached KD 2000 million.
The Kuwait Fund has its own law, which states that the Prime Minister would be the chairman of the Board of Directors of the Kuwait Fund. The Kuwait Fund offers help to regional and central governments and other public utility bodies. Financial organizations of foreign, local and regional institutions.
Kuwait Fund also assists private establishments that undertake various developmental projects and has an instrumental role in shaping Kuwait economy.
Kuwait Fund Functions
The functions of the Kuwait Fund are extended to the following:
- Taking part in the capital deposits of various institutions like regional, local and international finance institutions for development.
- Offering guarantees, loans and grants for providing technical and other kinds of aids.
- Providing financial help to various sectors like irrigation, agriculture, transport, energy, communications, water, sewage and industries.
