The Fund’s Board of Directors held its 3rd Session for the year 2009 on Wednesday 16 December 2009. The Board considered at its session the Minutes of its 2nd Session for the year 2009 held on 14th June, 2009 and authenticated on 1st July, 2009 and the Minutes of the 3rd session of the Board’s Investment Committee for the year 2009 held on 13th October 2009, and the Minutes of the 5th Session for the year 2009 of the Board’s Internal Audit Committee held on 20th October, 2009. The Board also considered the Fund’s 47th Annual Report for the Fiscal Year 2008/2009 and the decision by Circular No. (2) for the year 2009 dated 12/11/2009 approving the Fund’s Estimated Budget for the Fiscal Year 2010/2011.
The Board approved in its Session the following:-
1) Renewal of the contract of the External Auditor of the Fund for the FY 2009/10 and appointing the 2nd External Auditor for the Fund’s Accounts for the FY 2009/10. 2) A Loan in the amount of 15 million Kuwaiti Dinars for financing the Expansion of the Water Supply Network in Damascus City and its Suburb Project in the Syrian Arab Republic. 3) A Loan in the amount of 15 million Kuwaiti Dinars for financing the 3rd Expansion of Al Samra Power Generation Station in the Hashemite Kingdom of Jordan. 4) A Loan in the amount of 5.5 million Kuwaiti Dinars for financing of the Al Qaisamani Dam for Potable Water Project in the Republic of Lebanon. 5) A Loan in the amount of 30 million Kuwaiti Dinars for financing the El Ain El Sokhna Thermal Power Plant Project in the Arab Republic of Egypt. 6) A loan in the amount of 4.5 million Kuwaiti Dinars for financing of Irrigation Development Programme in Bani Bassin and Selingue (Phase I) in the Republic of Mali. 7) A Loan in the amount of 7 million Kuwaiti Dinars for financing the Nekemte – Bedelle Road Project in the Federal Democratic Republic of Ethiopia. 8) A Loan in the amount of 7.35 million Kuwaiti Dinars for the 115 KV Transmission Line (Namthoung – Louang Namtha - Namo) and Distribution Networks Project in the People's Democratic Republic of Laos. 9) A Loan in the amount of 4 million Kuwaiti Dinars for Financing the Cha To - Muong Tung Road Project in Dien Bien Province in the Socialist Republic of Vietnam. 10) A Loan in the amount of 5 million Kuwaiti Dinars for Financing the Shurabad – Shagon Road Project (Kulyab-Kalaikhumb Corridor) in the Republic of Tajikistan. 11) Amendment of Loan Agreements No. (390) and No. (433) for financing the Development of 400,000 Feddan in North Sinai Project in the Arab Republic of Egypt. 12) A Technical Assistance in the amount of 200,000 Kuwaiti Dinars for the Preparation of a technical and economic feasibility study for Boali Hydro Electric Power Station Project No. 2 and 3 in the Central African Republic. 13) Increasing the amount of Grant No. (223) of 750,000 Kuwaiti Dinars to cover shortfalls for financing the Construction of Secondary School for Boys & Elementary School for Girls & the late H.H. Sheikh Jaber Al-Ahmad Al-Sabah Health Center in the Kingdom of Bahrain. 14) Considering, in principle, financing the Tadjourah-Belho Road Project in the Republic of Djibouti. 15) A Kuwait Fund contribution on behalf of the State of Kuwait Government in the amount of 50 million U.S. Dollaors in the proposed capital of the Arab Gulf Program for United Nations Development Organizations to be paid over a period of 10 years in the amount of 5 million U.S. Dollars per year. 16) Participation of the Fund in the Debt Relief (under the HIPC Initiative) burden of debt owed to the Fund by the Republic of Guinea. 17) Participation of the Fund in the Debt Relief (under the HIPC Initiative) burden of debt owed to the Fund by the Republic of Togo. The Board has perused in its Session the following: - Proposals pertaining to the rules and procedures for administering the Comfortable Life Fund for Islamic countries. - Proposals pertaining to the Golden Jubilee of the Kuwait Fund for Arab Economic Development (1961 – 2011). - Proposals pertaining to the Kuwait Fund for Arab Economic Development Operations Strategy (2010 / 2011 – 2014 / 2015).