Signature of Agreement for a Grant of US$ 6,000,000
to the Government of the Republic of Yemen
from the Resources of Kuwait Goodwill Fund for
the Promotion of Food Security In Islamic Countries
A Grant Agreement was signed today in Marakesh between the Government of the Republic of Yemen, Kuwait Fund for Arab Economic Development (Kuwait Fund), in its capacity as Administrator of Kuwait Goodwill Fund for the Promotion of Food Security in Islamic Countries (Kuwait Goodwill Fund), and the Social Development Fund, an organization established and operating in the Republic of Yemen. By virtue of the said Agreement, Kuwait Fund will make a grant of US$ 6,000,000, from the resources of Kuwait Goodwill Fund, to the Government of the Republic of Yemen to assist in increasing food production in the Republic of Yemen.
The Grant Agreement was signed on behalf of the Republic of Yemen by His Excellency Dr. Mohammed S. Al-Sadi, Minister of Planning and International Cooperation and Mr. Abdulwahab Ahmed Al-Bader, Director General on behalf of Kuwait Fund for Arab Economic Development.
The Grant Agreement was signed on behalf of the Republic of Yemen by His Excellency Dr. Mohammed S. Al-Sadi, Minister of Planning and International Cooperation and Mr. Abdulwahab Ahmed Al-Bader, Director General on behalf of Kuwait Fund for Arab Economic Development.
Kuwait Goodwill Fund was established pursuant to an initiative by His Highness Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, the Amir of the State of Kuwait, announced at the fourth Islamic Economic Forum held in Kuwait in 2008, and to implement this initiative the Government of the State of Kuwait allocated the amount of US$ 100 million for the said Goodwill Fund. This Fund aims at assisting Islamic countries in their endeavors to achieve food security and assure the basic right to food to their peoples.
The Grant made to the Government of the Republic of Yemen will be used for establishing a Special Account at the aforesaid Social Development Fund which will administer the said Special Account and use its resources for the purpose of providing, either directly or through intermediate bodies, financing for small-scale farming and other small- and micro-business activities for the production of food and related supporting services, including food processing, storage, marketing and other services. The Social Development Fund will carry out the required financing activities in accordance with an initial program approved by the Government of the Republic of Yemen and Kuwait Fund. It will allocate the equivalent to not less than US$ 2,000,000 for funding micro-credits.