Kuwait housing sector support has received a massive financial commitment. The Kuwait Fund for Arab Economic Development (KFAED) made a significant announcement on Wednesday. Its total transfers to the Public Authority for Housing Welfare (PAHW) now exceed KD 578 million. This substantial sum equates to nearly $1.9 billion USD. The Fund officially concluded its final accounts for the 2024/2025 fiscal year.
KFAED released an official press statement detailing this support. This crucial financial backing has continued steadily since 2003. Consequently, it has greatly strengthened PAHW’s overall financial capacity. Moreover, it has directly enabled the advancement of major housing projects. This backing has a very clear and positive impact. It accelerates the allocation of new housing units for citizens. It also allows for the expansion of application intake. Furthermore, it funds the opening of brand-new residential cities. Ultimately, these actions significantly shorten waiting periods for eligible Kuwaiti families.
The Fund’s support extends beyond PAHW. It also provides long-term assistance to the Kuwait Credit Bank. For instance, KFAED purchased KD 500 million in bonds back in 2002. The term for this financial instrument was later extended until 2042. Additionally, the Fund granted KD 300 million to the Bank in 2022. This grant specifically aimed to reinforce the Bank’s capital base. Therefore, the Fund’s total support for the Kuwait Credit Bank reaches around KD 800 million. This impressive figure represents about forty percent of the Fund’s entire capital.
KFAED proudly emphasized its cumulative national contribution. Its total support for Kuwait’s housing sector has now surpassed KD 1.37 billion. This massive investment underscores a deep strategic commitment. The Fund is dedicated to advancing critical housing solutions. It also actively contributes to social and economic stability for families. Established in 1961, KFAED holds a historic distinction. It was the very first development institution in the Middle East.
Its mission involves providing financial and technical assistance globally. It helps friendly and developing nations achieve their goals. Today, it remains a key tool of Kuwait’s foreign policy. It champions sustainable development both locally and internationally. This latest financial move reaffirms a powerful commitment to Kuwait housing sector support, ensuring continued progress and stability. The scale of this investment highlights the national priority of Kuwait housing sector support for future generations.
