The Kuwait Fund for Arab Economic Development has reconsidered the policy of granting loans, if a new policy for grants and loans will be developed in light of the changes around the world and within the country, reports Al-Qabas daily. In this context, informed sources said that giving loans without consideration will be reconsidered, as well as purely humanitarian actions that do not contain any agenda.

The sources added, “The loans that the fund will give must be in line with Kuwait’s foreign policy, especially with regard to political support towards certain issues, and have a positive return, such as enhancing the country’s food security, in addition to voting in the Security Council” on issues of concern to Kuwait.

The sources revealed the Minister of Foreign Affairs, Sheikh Salem Al-Abdullah, adopted this new policy for the fund, and approved the mechanism that will be followed in granting loans during the next stage. The sources confirmed that Kuwait is seeking to take legal measures regarding the delay in paying the Fund’s dues with some countries, pointing out that there are some governments that are faltering and cannot pay due to wars, such as Syria, and the money cannot be recovered from them.

It is noteworthy that the Kuwait Fund for Development reduced the annual lending ceiling from 350 to 200 million dinars only, by nearly 50% of the value of loans and aid distributed annually to the world. The value of arrears owed by some countries amounted to 163.5 million dinars, of which 146 million dinars are owed by Arab countries, and 17 million by the rest of the countries that borrowed from Kuwait.

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