According to reliable sources who spoke to “Al-Rai,” “the Kuwait Fund for Arab Economic Development is currently prohibited from awarding any new funds to any country until further notice, but the previously scheduled financing flows contracted with countries six months ago will not halt.
The interim halt, according to the sources, “was caused by the fund’s board of directors’ term expiring in March, as new loans must be approved by the board, given that the mandate is still in effect and has not yet expired.
She also said that “approximately 116 million dinars are supposed to be transferred from the fund to the Public Corporation for Housing Welfare, but that transfer is being held up despite its readiness since the fund’s final accounts for the previous two fiscal years have not been approved.
The Development Fund halts lending momentarily.
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