Kuwait has pledged to provide $1 billion in low-interest loans to African countries over a five-year period.

Emir Sheikh Sabah al-Ahmad Al-Sabah, Kuwait’s Foreign Minister, who made this known at the 3rd Africa-Arab Summit said, “I ordered officials of the Kuwait Fund for Arab Economic Development to provide soft loans worth $1 billion to Africa over the next five years.”

He said Kuwait, in cooperation with the World Bank and other international institutions, had decided “to provide investments and investment guarantees worth $1 billion over the next years.

This is expected to mainly focus on infrastructure projects.

The Kuwait Fund is the investment and aid arm of the oil-rich Gulf state in Africa and Asia.

So far, it has provided billions of dollars in low-interest loans for development and infrastructure projects.

Arab and African leaders gathered for the two-day summit in Kuwait City to review steps to promote economic ties between wealthy Gulf States and investment-thirsty Africa.

Thirty-four heads of state, seven vice presidents including Ghana’s Paa Kwesi Amissah-Arthur and three heads of Government delegations, attended the summit, which brought together 71 countries and organizations.

Paa Kwesi Amissah-Arthur, addressing the closing session of the summit, expressed appreciation to the Government of Kuwait for the establishment of a $1 billion fund for African countries.

Ghana has been a strong advocate of Africa-Arab collaboration and the objectives of the summit were in line with the vision of the country’s first President, Dr Kwame Nkrumah, he said.

Member states pledged their commitment to strengthen the cooperation between African and Middle East countries on the basis of strategic partnership.