The Fund's Board of Directors held its 2nd Session for the year 2008 on Wednesday, 11th June, 2008. The Board considered at its session the Minutes of it's 1st Session for the year 2008 held on 3rd March, 2008 and authenticated on 23rd March, 2008. The Board also considered at its Session the Minutes of the 1st, 2nd, 3rd, 4th , 5th and 6th Sessions for the year 2008 of the Board's Internal Auditing Committee held on March 23rd, 26th, April 15th, 29th, May 12th, and Jun 6th 2008. The Board also considered the Minutes of the 1st Session for the year 2008 of the Board's Investment Committee held on May 7th , 2008. Also the decision by Circulation No. (1) for the year 2008 dated June 3rd, 2008 approving a loan in the amount of 25 million Kuwaiti Dinars for the Al-Duqm Port and Dry Dock Project in the Sultanate of Oman.

The Board also approved at its Session the following:

(1) The Internal Auditing Plan for the Year 2008/2009, the General Directory for the Auditing Methods, the Organizational Structure and the Directory for Job Description for the Internal Audit Department of the Fund.

(2) The Fund's closing Account and the Auditors Report for the year ending March 31st, 2008.

(3) A Loan in the amount of 20 million Kuwaiti Dinars for the Expansion of Natural Gas Distribution Networks in the Governorates of Cairo and Giza Project in the Arab Republic of Egypt.

(4) A Second Loan in the amount of 6 million Kuwaiti Dinars for the Reqqa-Deir Ezzor-Hassaka Road and By-pass Project and amending Loan Agreement No. (585) dated 20/12/1999 between Kuwait Fund and the Syrian Arab Republic.

(5) A Second Loan in the amount of 3.6 million Kuwaiti Dinars for Tagora-Abokh Road Project and amending Loan Agreement No. (702) dated 20/06/2005 between Kuwait Fund and the Republic of Djibouti.

(6) A Second Loan in the amount of 15 million Kuwaiti Dinars for the Marwi Dam Project and amending Loan Agreement No. (638) dated 17/03/2002 and the Supplementary Loan Agreement No. (761) dated 12/02/2008 between Kuwait Fund and the Republic of Sudan.

(7) A Second Loan in the amount of 15 million Kuwaiti Dinars for the Fas-Wajda Highway Project and amending Loan Agreement No. (733) dated 13/12/2006 between Kuwait Fund and the Kingdom of Morocco.

(8) Amending the Board's Decision No. (47) of the Year 2003, adopted at the Board's 5th Session for the year 2003 dated 30/12/2003 approving a Loan for the Village and Pastoral Water Supply Project in Dosso and Tillebary Regions in the Republic of Niger.

(9) Unifying repayment dates of the Loans provided to the Republic of Sudan.

(10) A Technical Assistance in the amount of 300,000 Kuwaiti Dinars for preparation of Technical and Economic Feasibility Studies, detailed design, and tender documents for the Enama-Amraj-Mali Border Road Project in the Islamic Republic of Mauritania.

(11) A Technical Assistance in the amount of 500,000 Kuwaiti Dinars for preparation of Technical and Economic Feasibility Studies and preliminary design for the Elbasan-Berat-Tepelene Axis Road Project in the Republic of Albania.