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Volume :22 Issue : 86 1997      Add To Cart                                                                    Download

THE ROLE OF KUWAIT FUND FOR ARAB ECONOMIC DEVELOPMENT IN THE AGRICULTURAL DEVELOPMENTIN THE ARAB COUNTRIES

Auther : By: Abdullridha Majeed Bahman

 
 
 

Kuwait Fund for Arab Economic Development was established in December 1961.  It is the Agency of the State of Kuwait for the provision and administration of financial and technical assistance to the developing countries.  The operations of the Fund were originally confined in accordance with its initial mandate to the Arab countries.  In July 1974 the scope of the Fund’s activity extended to the rest of the developing world.  In March 1981 the range of the Fund’s activities enlarged to include participation in the capital and resources of development institutions.

The objective of the Fund is to provide assistance to the developing countries in their efforts towards economic development.

As to sectoral distribution since the commencement of the Fund’s activities up to the end of the current financial year (31.06.1996), the Transport and Communication sector ranks first (38.6%) followed by Agriculture (18.2%), Electricity (17.4%), Industry (14.9%), Water and Sewerage (8.2%) and other sectors (2.7%).

The total number of loans extended by the Fund during the period 01.01.1962 to 30.06.1996 stood at 487 loans, with a total value of about KD.2,500 million.  The recipient countries which benefited from these loans included Arab Countries with a share of (56%), East, South Asia and Pacific countries (21.4%), Central Asia and Europe (3.8%), Latin American and Caribbean (1.7%), West Africa (8.9%) and Central, South and East African countries with a share of (8.2%).

Also, Kuwait Fund contributes in financial resources to multilateral development institutions to enable them to continue their development efforts in various countries.  The total amount of the Fund’s participation in the resources of development institutions up to 30.03.1996 totaled KD.285.826 million.

The grants, which are supervised by the Fund and extended by the State of Kuwait to the developing countries, totaled at KD. 65 million, up to the end of 1995.

The Agricultural Projects that Kuwait Fund finances cover the following development and rehabilitation activities:

 -                     Irrigation and Drainage Networks and Dam Construction.

-                     Animal Production.

-                     Fisheries Production.

-                     Range Management.

-                     Animal Health Protection.

-                     Grain Storage.

-                     Agro Industry.

         Total value of loans that deals with Agricultural projects extended to Arab countries amounted to about KD. 348 million and each of such projects is characterized by the following:

-                     Amount of each loan: KD. 6.12 million.

-                     Maturity: 27 years.

-                     Grace period: 4-5 years.

-                     Interest: 2.8%.

-                     Grant Element: 54%.

 By the end of its thirty-fifth year, the Fund continued to perform its development functions which connects the State of Kuwait with other developing countries all over the world as its partner in development.

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