7 Aug 2013

Kuwait seeks out more Pacific projects to fund

4:31 am on 7 August 2013

Kuwait is stepping up its efforts to fund infrastructure projects in the Pacific.

Its soft loan provider, the Kuwait Fund for Arab Economic Development, is on the hunt for projects including roads and airports and developments in the field of telecommunications, health and education.

The Kuwait Fund has aided with transport projects in Solomon Islands and Papua New Guinea and its representatives are at the Pacific Islands Development Forum in Fiji with the aim of striking more deals elsewhere in the region.

A regional manager for the Fund, Waleed Al-Bahar, says it is worth 10 to 12 billion US dollars and is one of the oldest and richest in the world.

"This is really to at least play a part in development in order to share in the need of governments. As you know we have oil resources so we think, let other countries benefit out of this resource."

Waheed Al-Bahar says the Kuwait Fund is in the process of becoming a full member of the Asian Development Bank.