AFSEDArab Fund for Social and Economic Development (Kuwait)
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The AFSED Initiative was announced by His Highness Sheikh Sabah Al Ahmed Al Jaber Al Sabah the Amir of Kuwait during the First Arab Socio-Economic Development Summit in the State of Kuwait on 19 January 2009 with a capital fund to the tune of $ 2 billion to which the following countries also contributed: Kingdom of Saudi Arabia, Sultanate of Oman, Egypt, Jordan, Morocco, Algeria, Syria, Tunisia, Sudan, Iraq, Yemen, Djibouti, Palestine and Mauritania.
The first loan, worth KD 30 million, would finance countryside roads development projects, the AFSED said in a statement, noting that the project is part of the fourth phase of a program that aims to link remote countryside areas and isolated villages with cities and urban centers.
Saif said Jordan and AFSED were discussing another USD 50 million easy loan for the same objectives.