Kuwait does its best to alleviate debts of African nations


Addressing the 62nd UN General Assembly (UNGA), member of Kuwait’s Permanent Mission to the UN Jassem Al-Najem said Kuwait’s efforts in alleviating Africa’s debts were illustrated in a statement by the late Amir Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah during the 43rd UNGA in 1988.
NEPAD was officially adopted in 2001.

He lauded the writing off bilateral debts of highly indebted African countries which led to a reduction of almost USD 70 billion, noting that such a step "would save them an average of 2 billion dollars every year in debt service costs." He explained "The Kuwait Fund for Arab Economic Development has contributed to alleviate the burden of foreign debts for African countries in the framework of the Highly Indebted Poor Countries (HIPC) initiative through reducing debts due to the fund by these countries and through the rescheduling of those debts over a period of 40 years." He added that the fund has granted development loans in the amount of USD 12 billion to more than 100 countries around the world, 40 percent of those countries are in Africa.

He said African nations faced the great challenge of eliminating debt while also having to ensure financial resources for development goals.

He urged the international community to take more decisive steps to encourage the African continent and support its efforts through an increase in the amount of technical, political and financial support which go along with the significant efforts made for preparing to the peaceful environment necessary to development.


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