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Kuwait approves $2bn loans to Africa

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Nigeria has had $4.3b stolen between 2011 and 2015

Kuwait has approved $2 billion as grants and concessionary loans to African countries, the Ambassador of the State of Kuwait to Nigeria, Mr. Abdulaziz Albisher, has said.

Albisher said in Abuja that the money was for investment and development and would be spread over five years.

He said that Kuwait had initiated another Annual Prize of $1 million for researches and research projects on agriculture, health and Ebola eradication.

Mr. Albisher, who made the disclosures at a pre-58th National Day interaction with select media in Abuja, urged African nations to take advantage of the loan facility.

“Kuwait has always had Africa at heart that need not to be underlined, for it fashioned numerous contributions and initiatives meant to enhance Africa’s development. The presence of my government`s developmental efforts is well recognised.

“Let me first of all throw the light on the Arab-African Summit held in Kuwait during which His Highness, the Emir of the State of Kuwait gave his directive to the Kuwaiti Fund for Arab Economic Development to facilitate grants and concessionary loans to African countries to the tune of $2 billion reserved for investment and development spread over five years.

“It (the $2 billion) is meant to support the efforts of the African countries towards realising their developmental aspiration in various fields, particularly infrastructure. As this initiative is to be executed through the Kuwait Fund, it goes through legal procedures.

“In line with the interest of His Highness on Africa, he attended the 19th African Union Summit held in Ethiopia as guest of honour where he offered to well equip the then newly build African Union Secretariat.

“The same summit witnessed the granting of the State of Kuwait membership of the African Union as observer,” he said.

“Let me also make mention that the Emir of the state of Kuwait has also announced the intention of his country to grant an Annual Prize of one $1 million in the memory of late Dr. Abdulrahman Al-Sumit.

According to him, the prize is meant for development researches and research projects in agriculture, health and Ebola eradication and that the prize is under the auspices of Kuwait Scientific Institution and the theme for the 2019 prize is food security.

He noted that Nigeria is the giant of Africa, with huge potential that made it a pioneer in regional, continental and international scenes; “it has already assumed remarkable roles by maintaining peace and stability through financial and human sacrifices.”

– APA

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