KUWAIT: The Kuwait Fund for Arab Economic Development (KFAED) announced Wednesday that its transfers to the Public Authority for Housing Welfare (PAHW) have exceeded KD 578 million ($1.9 billion) with the conclusion of its final accounts for the 2024/2025 fiscal year. In a press statement, the Fund said the support — ongoing since 2003 — has strengthened PAHW’s financial capacity and enabled the advancement of major housing projects. This backing has directly contributed to accelerating the allocation of housing units, expanding application intake, and opening new residential cities to shorten waiting periods for eligible citizens.
The statement also noted KFAED’s long-term support for Kuwait Credit Bank, including the purchase of KD 500 million ($1.6 billion) in bonds in 2002, later extended until 2042, as well as a KD 300 million ($981 million) grant in 2022 to reinforce its capital base. These contributions bring the Fund’s total support for the Bank to around KD 800 million ($2.6 billion), representing about 40 percent of the Fund’s capital.
KFAED emphasized that its cumulative support for Kuwait’s housing sector has surpassed KD 1.37 billion ($4.49 billion), underscoring its strategic commitment to advancing housing solutions and contributing to social and economic stability for Kuwaiti families. Established in 1961, the Kuwait Fund was the first development institution in the Middle East, tasked with providing financial and technical assistance to friendly and developing countries. Today, it remains a key tool of Kuwait’s contribution to sustainable development both locally and internationally. — KUNA