Kuwait-based fund throws weight behind Iraq reconstruction conference

The Arab Fund for Economic and Social Development (AFESD) fully supports a Kuwait-hosted conference over reconstruction in war-torn Iraq, its chief said on Tuesday.

As he met with a contingent of Iraqi journalists, AFESD Director General Abdullatif Al-Hamad revealed that the Kuwait-based fund has hitherto financed around 600 projects in the Arab region, at a total cost of KD 7 billion (USD 23 billion).

Al-Hamad noted that AFESD is currently unable to work in Iraq because Baghdad has failed to “make the necessary payments” needed for business, pointing out that the country is facing around USD 200 million of debt.

The AFESD chief spoke of a consensus with the Iraqis over the issue that needs to be sorted out to enable the pan-Arab financial institution to conduct business in Iraq again.

AFESD is a regional financial institution focused on funding economic and social development by financing public as well as private investment projects.

Over 400 international businesses from across the international community, alongside dozens of governments are expected to attend the Kuwait-hosted talks on February 12-14.

Source: Kuwait News Agency