African countries to benefit from Kuwait fund

Leaders at the Arab-Africa Summit 2013 in Kuwait City

Leaders at the Arab-Africa Summit 2013 in Kuwait City

Malawi stands to benefit from the funds that Kuwait has allocated towards an assistance to some African countries for a period of five year in a form of loans and investment programmes.

Emir of Kuwait, Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah is quoted by the Malawi News Agency (Mana) saying the money, which is in the range of US$1 billion, will be administered by the Kuwait Fund for Economic Development, and will be used to offer soft loans to African countries besides catering for investments by a number of Kuwait corporations in various sectors.

He explained that the selection of the theme ‘Partners in Development and Investment’ for the Summit is a reflection of awareness of the importance of economic corporation, representing as it does, the basis of economic interests to proceed the fulfillment of the sought for strategic partnership.

In the case of Malawi, Kuwait has been a strong development partner as evidenced by the provision of a number of loans offered, like the one being used for the construction of the Zomba-Jali-Phalombe-Chitakale Road in the Southern part of the country.

© 2013, Peter Chipanga. All rights reserved. – The views expressed here are purely those of the author and not necessarily those of the publishers. – Newstime Africa content cannot be reproduced in any form – electronic or print – without prior consent of the Publishers. Copyright infringement will be pursued and perpetrators prosecuted.

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