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Signing An Agreement Of A Grant With The Kingdom Of Morocco
14/12/2006: Signing an Agreement of a Grant of One Million Kuwaiti Dinars to finance the Cost of Consultancy Services and Civil Works for Assilah Hospital Expansion Project and Old Persons Home in Assilah City in the Kingdom of Morocco
Signing took place today in Marrakech City of a Letter of Understanding (the Agreement) between Assilah Forum Foundation and Kuwait Fund for Arab Economic Development, whereby the Fund has extended by virtue of such Agreement a grant of an amount of one Million Kuwaiti Dinars, equivalent to US$ 3.4 million to finance consulting services and civil works for Assilah Hospital and Old Persons Home Project in Assilah City.
The Agreement was signed on behalf of Assilah Forum foundation by H.E. Mohammed Bin Issa, Trustee and Chairman of the Foundation's Board of Directors and on behalf of the Fund by H. E. Dr. Mohammad Sabah Al-Salem Al-Sabah, Deputy Prime Minister and Minister of Foreign Affairs, Chairman, Board of Directors of Kuwait Fund for Arab Economic Development, on behalf of the Fund.
The expansion of Assilah Hospital Project aims at meeting the increasing demand for specialized medical treatment services in order to avoid the inconvenience and exertion of transferring the patients to Tangir City, whereas the Old Persons Home Project aims at providing social and medical attendance services for old persons of Assilah City and its suburbs who have no relatives to render such services or those who became too ill or old to help themselves.
Assilah Expansion Hospital Project consists of providing additional 90 beds in the surgery ward with all the necessary equipment as well as providing additional 5 beds with all the necessary equipment in the intensive care unit, doctors houses, a club and children's nursery. The Old Persons Home Project consist of a main building, an administrative building, residents wards, kitchen, treatment and recuperation facility, shops, in addition to the required consulting services for the two projects.
The two projects are estimated to cost about one million Kuwaiti Dinars equivalent to about US$ 3.4 million which shall be fully financed (100%) by the grant. The implementation of the two projects is expected to be completed by end of the year 2009.
The Fund has extended to the Kingdom of Morocco loans in a total amount of about 306 million Kuwaiti Dinars, equivalent to about 1,052 million US$, to participate in the financing of different sectors of the economy. By signing the above Grant Agreement the Fund would have provided a total amount of about 1,150,000/- Kuwaiti Dinars, equivalent to about US$ 3,910,000 including a Technical Assistance in an amount of 150,000/- Kuwaiti Dinars to finance the cost of the feasibility study for the rural and village water project.