Kuwait investments in Africa valued at $28 billion

Kuwait: The dean of the African diplomatic corps and Ambassador of the Republic of Togo, Mohamed Ouro, praised on Wednesday the pioneering role undertaken by the Kuwait Fund for Arab Economic Development and aid for development in 51 African countries. The ambassador was speaking to KUNA after partaking in a seminar organized by the Kuwait Diplomatic Institute, titled “Sixty Years of Kuwaiti-African Relations,” attended by the Foreign Minister’s assistant for Institute Affairs, Ambassador Nasser Al-Sebeeh, and heads of foreign diplomatic missions.

Ambassador Ouro said Kuwaiti-African relations are distinguished by brotherly and strong bonds based on fruitful cooperation, citing the endorsement of various accords and visits’ swaps by senior officials and diplomats. The cordial dialogue organized by the institute on the 60th anniversary of the distinguished ties is a good opportunity to examine means of fostering these relations further, he said.

Kuwaiti Foreign Minister’s Deputy Assistant for African Affairs Naif Al-Mudhaf said Kuwait hosts 34 African diplomatic missions, the largest entity in the sector in the country. Kuwait, for its part, maintains up to 17 missions on the African continent. He valued Kuwaiti investments in Africa at $28 billion and the trade exchange volume at more than $10 million. KFAED, for its part, has contributed 500 loans worth $10 million to fund development projects in Africa.