The Fund's Board of Directors held its 1st Session for the year 2010 on Thursday, 27/05/2010.  The Board considered at its session the Minutes of its 3rd Session of the Board for the year 2009 held on 16/12/2009 and authenticated on 12/01/2010.  The Board also considered the Minutes of the 1st session of the Board's Loan Committee dated 07/03/2010 and approved the committee's recommendation to approve in principle the Fund's operation program for the Fiscal Year 2010/2011, including the following projects

-Arab Republic of Egypt:  Benha Power Station Project.

-Islamic Republic of Mauritania: (1) University of Nouakchott, (2) Nouakchott City Potable Water Distribution Project.

-Syrian Arab Republic: Expansion of El-Nasseria Power Station Project.

-People's Republic of China: Qinghai Vocational Education Development Project.

-Socialist Republic of Vietnam: Rural Infrastructure Development in Ha-Tinh Province Project.

-Democratic Socialist Republic of Sri Lanka: South Eastern University of Sri Lanka Development Project (1st Phase - 2nd Part).

-Republic of Benin: Ouidah-Allada Road Project.

-Republic of Ghana: Establishment of a Trauma and Intensive Care Center in the city of Accra Project.

-Republic of Senegal: Linguere – Matam Road Project (2nd Loan) Project.

-Burkina Faso: Building and Equipping of the Regional Hospital in the Manga Area Project.

-Republic of Tanzania: Namtumbo-Tanduru Road Project.

- Republic of Burundi: Bujumbura-Nyamitanga Road Project.

- Granada: Improvement of Secondary Road (2nd Phase) Project.

The Board also in its session approved, in principle, to consider the following projects:
-    Republic of Sudan:   

(1) Upper Atbara and Setit Dams Project.
(2) New Khartoum International Airport project.
- Republic of Albania: Berat-Tepelene Road Project.
- Republic of Sierra Leone: Support of Health Services Project.
- Islamic Republic of Pakistan: North Western Primary and Elementary School Project.
- Kingdom of Morocco: High Speed Tangier-Casablanca Railways Project (Tangier – Kenitra 1st Phase).
The Board also reviewed in its session the Minutes of the 6th, 7th and 8th Sessions for the year 2009 of the Board's Internal Audit Committee held on 28/12/2009, 29/12/2009 and 30/12/2009 respectively and also considered the Decision by Circular No. 1 for the year 2010 dated 14/02/2010 approving cancellation of the Board's Decision No. 35 for the Year 2009 dated 16/12/2009 regarding the approval of appointment of a second Auditor for the Fund's Account for the Fiscal Year 2009 / 2010.

The Board also has considered the 2nd Report of the Board's Internal Audit Committee and also considered its Decision by Circular No. 2 for the year 2010 dated 10/03/2010 approving a Loan for Sokatra Port Project in Yemen. 
The Board also approved in its session the reformulation of the Board's committees, namely, the Investment Committee, the Loan Committee and the Internal Audit Committee.
The Board also reviewed Kuwait Fund's Financial Statement and the External Auditor's Report for the Fiscal Year ended on 31/03/2010.
The Board approved in its Session the following:

(1)  A Loan in the amount of 8 million Kuwaiti Dinars for financing Tadjourah-Belho Road Project (Sheikh Sabah Al-Ahmed Al-Sabah Road) in the Republic of Djibouti.

(2)  A Loan in the amount of 15 million Kuwaiti Dinars for financing the 220kV Power Transmission Development Project in the Kingdom of Bahrain.

(3)  A Loan in the amount of 20 million Kuwaiti Dinars for financing the Improvement of Power Transmission Network in the Southern Province Project in the Kingdom of Morocco.

(4)  A Loan in the amount of 4 million Kuwaiti Dinars for financing the University of the Gambia Project in the Republic of the Gambia.

(5)  A Loan in the amount of 3.25 million Kuwaiti Dinars for financing the Singrobo-Pacobo Road project in the Republic of Cote d'Ivoire.

(6)  A Loan in the amount of 4 million Kuwaiti Dinars for financing the Kalabo- Sikongo-Angola Border Road Project  in the Republic of Zambia.

(7)  A Loan in the amount of 4.1 million Kuwaiti Dinars for Expansion and Development of the Integrated Polytechnic Regional Center Project (in Kicukiro – Kigali) in the Republic of Rwanda.

(8)  A Loan in the amount of 5.9 million Kuwaiti Dinars for financing the Nuno-Modogashe Road Project in the Republic Kenya.

(9)  A Loan in the amount of 3 million Kuwaiti Dinars for financing the Uganda Development Bank Limited Programme of Operations for the Years 2010/2011 – 2013/2014 Project  in the Republic of Uganda.

(10)  A Loan in the amount of 12 million Kuwaiti Dinars for financing the Neelum Jhelum Hydropower Project in the Islamic Republic of Pakistan.

(11) A Loan in the amount of 11.5 million Kuwaiti Dinars for Qinghai Vocational Education Development Project in the People's Republic of China.

(12) A Loan in the amount of 4.41 million Kuwaiti Dinars for financing the Rehabilitation of Bishkek – Naryan – Torugart Corridor Project (Section II: Dolon Pass – Kyzyl-Bel Pass) Project in the Kyrgyz Republic.