Kuwait: US$1.4 Billion in Loans by Arab Fund for Economic, Social Development In 2016Source: www.export-egypt.com 7/20/2017, Location: Middle East |
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A total of US$1.4 billion in nine loans were provided by the Arab Fund for Economic and Social Development, AFESD, to six Arab countries during 2016.
The credit has been used in financing $6.2 billion socio-economic developments, eight of which are new enterprises, said the AFESD, a Kuwait-based pan-Arab development finance institution, in its annual report, quoted by Kuwait News Agency. A total of 650 loans valued at $30.7 billion were offered by the AFESD since its launch in1974 until last year and they have been used in funding 550 enterprises in 17 Arab countries and covered 25.5 percent of the total costs of financed projects. Infrastructure enterprises claimed 69.8 percent of the developments funded by AFESD for both the public and private sectors since its establishment, followed by production-oriented projects at 20 percent, social service enterprises at 7.1 percent and 3.1 percent for other platforms, according to the report. The AFESD has affirmed its continued support for its 22 member countries in terms of providing the necessary funding for R&D efforts in addition to offering all types of support for the Palestinian people. |
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