KFAED - No recent financial allocation to Lebanon

Kuwait Fund for Arab Economic Development (KFAED) stated that it has not allocated any amount for any new project in the Lebanese Republic, as it operates according to previous approvals and previously allocated and committed amounts, reports Al-Rai daily.

KFAED denied the validity of the information being circulated on social media about allocating an amount to restore the Grand Serail building in the Lebanese Republic and the Prime Minister’s residence, In a statement to Kuwait News Agency (KUNA).

The statement said, “What is being circulated is related to a grant that was previously allocated by the government of the State of Kuwait in 2006. What was mentioned about allocating a grant with new amounts is untrue. The Fund cannot sign any agreement or allocate new amounts without the approval of its board of directors or the issuance of a decision by the Kuwaiti Cabinet. This has not been done in the recent period.”