By NNN-KUNA
Cairo : An Egyptian newspaper described the relationship between Kuwait Fund for Arab Economic Development (KFAED) and Egypt as one of strong partnership and close cooperation.
A lengthy report in Al-Ahram newspaper shed light on the history of KFAED which is celebrating its 46th anniversary, saying its establishment reflects the wisdom of the political leadership.
The paper pointed out that the fund supported Arab countries and other developing nations over the past 46 years with efforts aiming to achieve economic and social development.
Kuwait was aware of the needs of the people of Arab and non-Arab developing countries, it highlighted.
Although Kuwait is a developing country itself, it did not turn away from the needs of others as it carried out development of its own economy, but cared about development worldwide, it pointed out.
It said KFAED witnessed rapid development and was unique as it was the first development corporation in the region, praising its cooperation with national, regional, and international development bodies.
In four decades, the fund supported 101 countries, including 16 Arab, 40 African, 34 Asian and European, and 11 Latin America and Caribbean nations, it noted.
The paper said the fund provided aid to deal with disasters and earthquakes, rebuild areas affected by wars, and support social development programs.
It also said that KFAED’s support to Egypt started back in 1964 when it contributed in funding the project of developing the Suez Canal, which was followed by the funding of other projects of power plants, roads, sewage systems, and education utilities.