Kuwait – Mubasher: The Kuwait Fund for Arab Economic Development has transferred KWD 205 million ($680.93 million) to the Public Authority for Housing Welfare, reported Kuwait News Agency (KUNA), on Saturday, citing KFAED director general Abdulwahab Al-Bader.

Total amount transferred will increase to KWD 312 million ($1.036 billion) after approving the final accounting statements, Al-Bader said in an interview with KUNA, indicating that KFAED allocated 25% of its net profits to supporting the housing welfare organisation.

KFAED has provided the Kuwait Credit Bank with KWD 500 million ($1.66 billion) in the form of bonds between 2002 and 2007, according to KUNA.

KFAED's total assets reached KWD billion ($16.5 billion) by the end of March, according to Al-Bader.