Signature of a Grant Agreement in the Union of the Comoros
Wednesday, 30 May 2012
Within the framework of the initiative of His
Highness the Amir of the State of Kuwait during the 1st
International Islamic Economic Conference held in Kuwait between April 29 to
May 1, 2009 and referring to His Highness’ announcement for the establishment
of Goodwill Fund to help the Islamic countries in their efforts to supply food
security for their People, a Grant Agreement was signed today in Moroni between
Union of
the Comoros and Kuwait
Fund for Arab Economic Development, whereby the Fund shall extend a Grant of US
Dollars Two Million (US$ 2,000,000/-) to contribute in the financing of micro
projects in the agricultural sector in the Union of the Comoros through
the Association for Micro Enterprise Support.
The Grant Agreement was signed on behalf of the Union of the Comoros by H.E. Mohamed Ali Soilihi,
Vice President in charge of Ministry of Finance and on behalf of the Association for Micro Enterprise Support by Mr. Fahmy
Thabit, Chairman, Union of Chambers of Commerce, Industry and Agricultures, and
on behalf of
Kuwait Fund for Arab Economic Development by Mr. Abdulwahab Al-Bader,
Director-General of the Kuwait Fund.
The Grant Agreement aims at contributing sufficient food
security and increasing food production in the Union of the Comoros through extending loans for financing micro
projects in food production field and supplying the required services.
Upon signing this Agreement, this
will be the 4th Governmental Grant Agreement extended by the Kuwait Fund
to the Union of the Comoros, considering the Kuwait Fund had already extended to
the Comoros in 1981 a Grant concerning Hospitals and Islamic Institutes, in
addition to purchasing medicines and medical equipment.The total value of the said Grant was KD 1.5
million (equivalent to US$ 5.2 million).The 2nd Grant was extended in 2008 and it was attributed to
the repayment of the fees of developing both Mutsamudu and Moroni Ports.The total value of that Grant was KD 0.5
million (i.e. US$ 1.7 million).The 3rd
Grant was extended in 2012 with a total amount of Euros 1.5 million for the
construction of a multipurpose hall in the Island of Anjuan.Kuwait Fund had also extended 4 Technical
Assistances to the Union of the Comoros
with a total value of about KD 732,000 (i.e. about US$ 2.5 million) for
supplying some experts in different fields, covering the financial gap
regarding buying the boat and Bamboo Airport in the Inland of Anjuan and water
distribution in Grand Comore Island.In
addition, Kuwait Fund has already provided Union of the Comoros 4 Loans
totaling about US$ 23 Million to finance projects in transportation and
communication sectors.
