Business

Kuwait Tightens Africa Ties With $1bn 'Soft Loan'

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tadalafil http://cuencahighlife.com/wp-content/plugins/jetpack/sync/class.jetpack-sync-module-users.php geneva; font-size: small; line-height: 200%;”>Opening the summit on Tuesday, more about Emir of Kuwait Sheikh Sabah Al-Ahmed Al-Jabah Al-Sabah urged Africa and the Arab world to develop guidelines for future partnership based on honesty and mutual benefits.


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The Emir said Kuwait, through its Fund for Economic Development, will offer $1 billion (KSh85 billion) ‘soft loan’ to African countries in the next five years.


He added that Kuwait will also work with the World Bank and other financial institutions to guarantee the investment of another $ 1 billion on infrastructure in the continent to boost the countries’ economies.

“Kuwait recognises the strategic importance of the Arab/Africa Group and has long sought to strengthen the partnership with the African continent,” the Emir said.

“Massive investments in Africa by Kuwait companies are firm proof of my country’s commitment to strategic partnerships,” he added.

The 3rd Summit, attended by over 70 Heads of State and delegations from the two regions, is the first to be held outside Africa.

The African and Arab leaders are meeting, three years after the second summit held in Libya to examine the progress made in implementing resolutions made as part of strategic partnership between the two economic blocks.

African Union chairman, the Prime Minister of Ethiopia Hailemariam Desalegn, expressed appreciation to Kuwait and the Arab world for development assistance to the continent over the years.

Mr Desalegn stressed the need for the Arab world and Africa to enhance cooperation in agriculture and infrastructure.

African Union Commission Chairperson Nkosazana Dlamini-Zuma assured that Africa remained committed to partnerships based on mutual benefit and solidarity. She said there was need for Africa to learn from the past to develop a continent where peace and respect prevailed to achieve development.

The Summit, whose theme is Partners in Development and Investment’, is being held amid aspirations of African and Arab regions to a strategic partnership based on integration of capital and natural resources.

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