Arab Fund approves $359m worth of regional development

11 April 2010

Ninety-five per cent of economic aid goes to Sudan, Morocco, Djibouti and Yemen

Kuwait’s Arab Fund for Economic and Social Development has approved its mid-March vote to allocate about KD104m ($359m) for the redevelopment of Arab states and funding government organisations. The approval came in the first week of April.   

Loans accounted for most of the economic assistance with KD101m going to Sudan, Morocco, Yemen and Djibouti. The remaining KD2.9m was divided between Egypt, Lebanon, Jordan, Morocco, the Arab Fund, the Arab Thought Forum and the International Centre for Biosaline Agriculture.

The Arab Fund is a regional financial institution focused on funding economic and social development by financing public and private investment projects, and providing grants as well as professional expertise.

Loans provided by the Arab Fund are designed to provide low-cost financing conditions to help Arab countries implement development plans, while minimising financial burden. Arab Fund grants are non-refundable and are awarded to develop fields of study, provide institutional support and training, and assist in emergency situations.

The breakdown of the Arab Fund loans is:

RecipientValueActivity
MoroccoKD55mHighway connecting Bershid & Beni Mallal
SudanKD30mCompletion of White Nile Sugar Refinery project
DjiboutiKD9mModernisation of transport network
YemenKD7mFlood protection infrastructure for Sana’a City

Source: Arab Fund for Economic & Social Development

 

The breakdown of the Arab Fund grants is:

RecipientValueActivity
Arab FundKD1mCost of a masterplan to connect Arab countries by rail
LebanonKD500,000Supporting civil action societies
EgyptKD500,000Furnish and equip facilities for Arab Open University
MoroccoKD300,000Modernise equipment in Fez National Library
International Centre for Biosaline AgricultureKD250,000Fund sustainable crops and livestock programmes throughout Middle and North Africa region
JordanKD220,000Equipment for King Hussein Cancer Foundation
LebanonKD100,000Programmes to support Palestine
Arab Thought ForumKD30,000Fund the 4th Youth Conference 2010

Source: Arab Fund for Economic & Social Development

 

 

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.

Get Notifications