Kuwait funds for Africa
Kuwait recently announced during a meeting for the third Arab-African summit that it will give US$1 billion to African countries in the next five years.
During the summit, which took place from 19 to 20 November in Kuwait City, His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah said his country’s commitment to forging genuine partnership between Arab countries and Africa. His Highness said: “I directed officials of the Fund [the Kuwait Fund for Arab Economic Development] to extend soft loans to African countries in the amount of US$1 billion over the next five years, not to mention investments by a number of Kuwaiti corporations in various sectors.”
The Amir also announced the creation of an annual prize worth US$1million 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.