Kuwait offers $1b Arab loans for Africa

Arab nation Kuwait will be offering a $1 billion credit facility for Africa, its Emir announced November 19, 2013.

Addressing the ongoing two-day 3rd Africa-Arab Summit, Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-sabah said the loans will be disbursed in the next five years.

“I ordered officials of the Kuwait Fund for Arab Economic Development to provide soft loans worth $1 billion to Africa over the next five years,” Sheikh Sabah told the two-day summit attended by some African leaders including Ghana’s Vice President Kwesi Amissah-Arthur.

The Kuwaiti News Agency reports that the Emir also announced a $1 million annual prize for Africa research in commemoration of late Abdulrahman Al-Sumait, the foundder of Kuwait-based Direct Aid, and began charity operations in Africa in early 1980s.

More than 50 heads of state and delegations are participating in the two-day summit.

The Kuwaiti government in March this year signed an agreement to provide Ghana a loan of $15.3 million to assist in the financing of the Trauma and Acute Care Centre at the Korle-Bu Teaching Hospital.

By Ekow Quandzie