Chairman of the Board of Directors and Director General of the Arab Fund for Economic and Social Development (AFESD) Abdullatif Hamad said that the volume of financing the fund since its inception and has so far amounted to eight billion dinars, adding that the fund always take the initiative to help developing countries in the provision of basic needs of its citizens.
Praise be added in a statement the day of the Arab Fund for Economic and Social Development aims at pumping between 90-100mleon dinars in water projects in the Arab Republic of Egypt during the current period.
He said the fund always seeks to fund new projects each year, especially in the Arab and Islamic countries, and relies funded projects over the need for States to it, stressing that the Fund does not spare no effort in helping countries that need basic development.
The praise has confirmed earlier that the Arab Fund for Development (USAID) funded projects in Egypt over the past years is estimated at about 1.6 billion dinars, adding that the projects that deal with the fund totaling nearly 60 projects.
The Fund signed an agreement with the Egyptian side to finance wastewater projects $ 150 million in the Sinai.
Arab Fund for Economic and Social Development, is a regional Arab financial institution headquartered in Kuwait, its membership includes members of the Organization of the Islamic Conference, and aims to achieve Arab integration and consolidation of joint cooperation between Member States.
Fund focus and purpose in the financing of economic and social development projects, through the funding of public and private investment projects, and providing aid and technical expertise.
Arab Fund for Development and provides soft loans to the Member States and the Fund's keenness to increase and develop the degree of ease in loans by reducing interest rates to reach 2.5 percent of low-income Arab countries and 3 percent other Arab countries, and increase to allow the payment ranging from 22-25 periods years, as well as the offer of aid and the granting of non-refundable contribution in various fields of studies and institutional support and training, in addition to supporting emergency situations and conditions faced by some Member States, has officially announced the establishment of the fund in 1972.