Kuwait Fund for Development Participates in the Cultural Forum [...]

The Kuwait Fund for Arab Economic Development (KFAED) participated in a key cultural symposium organized by the Kuwait Society of Engineers.

The event featured a comprehensive lecture by Engineer Thamer Al-Failakawi, Operations Department Supervisor for West African Affairs at KFAED. In his address, Al-Failakawi outlined the Fund's strategic approach to international development, its contributions to Kuwait's foreign policy, and its ongoing commitment to sustainable global growth.

Al-Failakawi began by tracing the history of KFAED, which was established in 1961 coinciding with the year of Kuwait's independence. Initially tasked with supporting the economic development of Arab nations, the Fund's mandate has since broadened, now encompassing over 105 countries worldwide.

He also highlighted the Fund's diverse contributions across various sectors, ranging from humanitarian assistance in areas such as food security, education, and healthcare, to financing large-scale infrastructure projects in energy, water, sanitation, agriculture, and telecommunications.

The lecture also underscored the Fund's significant role in supporting Kuwait's domestic development initiatives. The KFAED official noted that, in addition to its international efforts, The Fund allocates up to 25% of its annual net profits to the Public Institution for Housing Welfare, reinforcing Kuwait's housing sector. Since 2002, the Fund has also provided continued support to the Kuwait Credit Bank, contributing to the strengthening of the national financial system, he added.

In response to growing environmental challenges, Al-Failakawi highlighted the Fund's recent focus on sustainability projects within Kuwait. Notably, KFAED has backed efforts to combat desertification and mitigate the harmful effects of sand and dust storms.

Furthermore, he also said that the Fund is financing Al-Wafra power station, which will add 2,500 megawatts to Kuwait's electricity grid, boosting capacity and ensuring greater energy security, noting the project is expected to be operational by the end of this year.

In addition to its international and national initiatives, KFAED remains committed to fostering the development of local human recourses, Al-Failakawi said, highlighting the Fund's annual training program for newly graduated engineers and architects, which aims to equip young Kuwaiti professionals with the practical skills and international exposure needed to thrive in the global engineering and architectural sectors.