The KFAED is a Kuwaiti independent public institution which assists Arab and other developing countries in developing their economies by granting them concessional loans for development programs and by financing pre-investment studies of ways to expand production capacities. Fund operations, originally restricted to Arab countries, were extended to cover other developing countries in July 1974. In March 1981, the objectives of the Fund were extended to include participation in the capital and resources of development institutions and other types of establishments. These recipients have included: the Arab Fund for Economic and Social Development, the African Development Bank, the African Development Fund, the Arab Bank for Economic Development in Africa, the Inter-Arab Investment Guarantee Corporation, the International Development Association, the International Fund for Agricultural Development, and the Special Program of Assistance for African Countries. KFAED was established in December 1961; its headquarters are in Safat, Kuwait.