For more than 60 years, Kuwait Fund has, as the first development institution of its kind in the region, played an active role in driving the path of regional and global development. However, recognizing its local social responsibility in Kuwait itself, the Fund has been responsive to fulfil the needs of Kuwait local community, aligning them with its external development efforts. The Fund aims to support development efforts locally within Kuwait in a way that does not prejudice its original mission. The Fund therefore participates in a number of social and economic activities and initiatives within Kuwait. This leaflet highlights some of the Fund's activities and contributions to the local community of Kuwait.
Kuwait Credit Bank and the Case of Housing
The most important contribution of Kuwait Fund to the local community of Kuwait happened in 2022 when the Fund agreed to renew bonds owned by the Fund and issued by Kuwait Credit Bank (formerly the Credit and Saving Bank). The Fund has purchased these bonds in 2002 at a value of KD 500 million, with a plan to liquify them in 2022 and use them to help meet housing demand. Applying Law No. (1) of 2022, Kuwait Fund contributed once more to the capital of Kuwait Credit Bank by providing a grant of 300 million Kuwaiti dinars, bringing the Fund’s contributions to the resources of the Bank to 800 million Kuwaiti dinars, which is equivalent to 40% of the capital of Kuwait Fund. In the same context, the Fund has since 2003 contributed up to 25% of its annual net profits to the Public Authority for Housing Welfare. By 2020, the total amount transferred to the Authority has reached 376.8 million Kuwaiti dinars. In the fiscal years 2020/2021 - 2021/2022, the fund will transfer to the Authority an amount of 118.7 million Kuwaiti dinars, once the fund’s final accounts for the year are approved by Kuwait National Assembly.
Supporting the Private Sector in Kuwait
The Fund provides direct and indirect support to the private sector in Kuwait. In that regard, the Fund encourages Kuwaiti consulting and construction companies, as well as Kuwaiti-foreign joint ventures, to participate in the implementation of the Fund-financed projects in beneficiary countries. By the end of September 2022, the total value of contracts awarded to Kuwaiti consulting and construction companies, financed by the Fund's loans and grants, has reached approximately 584 million Kuwaiti dinars. In addition, the total value of contracts awarded to Kuwait-foreign joint ventures reached approximately 163 million Kuwaiti dinars.
Training Program for Kuwaiti new Engineering and Architecture Graduates
In the framework of supporting and promoting human development in Kuwait, the Fund has in 2004 launched a "Training Program for Kuwaiti new Engineering and Architecture Graduates" with the aim of developing the national workforce through increasing the new graduates' experience, potential, and expertise. This Fund's program, in cooperation with local and international companies, is helping in providing the local labor market with needed skills. The program is carried out in 3 educational stages: theoretical training, field training, and internships at local and international companies. The total number of graduates of the program since it was launched and up to September 2022 has reached 819 trainees.
“Be Among the Outstanding” Program Initiative
Kuwait Fund launched another initiative in 2010 entitled “Be Among the Outstanding”, with the aim of motivating secondary schools' students to succeed and excel. In this program, the Fund, in cooperation with Ministry of Education, chooses annually a group of outstanding students and sends them to beneficiary countries to get the new generation acquainted with the Fund's development activities and projects in these countries. This makes them appreciate the position the State of Kuwait assumes in the eyes of brotherly and friendly countries, and to reward them for their distinction and superiority. Since the program was launched, 288 outstanding students have visited more than 17 countries around the world, such as Egypt, Jordan, Uzbekistan, China, Türkiye, Lebanon, Sri Lanka, Morocco, and Tunisia.
The Fund's Contribution to Combating Corona Virus Pandemic in Kuwait
Kuwait Fund was one of the first local institutions in 2020 to support Kuwait government's efforts to confront the novel coronavirus pandemic locally. In that regard, the Fund contributed 30 million Kuwaiti dinars to the special fund launched by the honorable Council of Ministers during the pandemic.
Improved Resilience to Transboundary Sand and Dust Storms in Kuwait and Iraq
In 2021 the Fund contributed to financing the "Improved Resilience to Transboundary Sand and Dust Storms in Kuwait and Iraq" project with a value of KD 4 million. The project aims to reduce the chances of sand and dust storms occurring from areas located within the governorates of Qadisiyah, Muthanna, and Maysan in the southern part of Iraq. The project studies and addresses sources of sand storms directly affecting the State of Kuwait at their origin. The area covered by the project is estimated at about 150 square kilometers. The implementation of the project is expected to result in a safer environment for the residents in the path of these storms and will have a positive health and economic impact on the current and future generations in Kuwait and Iraq. This initiative is an example of local, regional and international cooperation at the scientific and environmental levels. It represents a success story at the global level in dealing with dust storms from their origins, helping to provide a safer and cleaner environment in the State of Kuwait in the present and the future.
Development of the Gulf Electricity Interconnection Grid and Expanding it to the South of Iraq Electricity Network
In March 2022, the Fund has pledged to contribute 70 million Kuwaiti dinars to finance a major project involving " Development of the Gulf Electricity Interconnection System and expanding it to the South of Iraq Electricity Network." The project aims to help the member states of the GCC Interconnection Authority to strengthen their national electricity networks and increase their reliability to ensure the sustainability of electric energy at all times. The project will also contribute to achieving a number of sustainable development goals, including: good health and well-being, quality education, provision of clean and affordable energy, decent work and economic growth, industry, innovation and infrastructure, sustainable cities and communities, and partnerships to achieve the goals of sustainable development.
Supporting Kuwait Scientific Research Institute
In August 2022, Kuwait Fund signed a memorandum of understanding (MOU) with Kuwait Institute for Scientific Research. The MOU aims at cooperation between the two institutions, where the Institute provides technical aid, advisory services, and research studies to developing countries in which the Fund finances development projects through its loans and grants. The agreement aims to create a partnership in the fields of scientific research in general and applied fields in particular, encouraging joint research, exchanging expertise, experiences and research systems. By signing such MOUs, Kuwait Fund seeks to find opportunities with Kuwaiti national partners with whom it cooperates in achieving the goals of sustainable development in Kuwait and developing countries. These include eradicating poverty and hunger, providing food security and improving nutrition, and promoting sustainable agriculture. In addition, the Fund seeks to improve access to quality education and healthy lifestyles, access to energy services at an affordable cost, and availability of water and sanitation services for all people in beneficiary developing countries.
Cooperation with Department of Architecture, Kuwait University
Based on the Fund's belief that Kuwaiti youth are the main pillar of sustainable development in the country, the Fund sought to enhance cooperation with Kuwait University. Therefore, the Fund designated senior students at College of Architecture to design project and friendship memorials in beneficiary countries. Kuwait Fund has taken upon itself this task relying on the designs of Kuwaiti students from the College of Architecture such that their participation becomes prominent points in their future practical lives, and reflecting the Fund's confidence in the professional ability and creative innovation of these students. The Fund gives Kuwaiti youth special attention and strives to create a stimulating environment that opens the way for them to contribute to achieving sustainable development in the State of Kuwait. The students at the Department of Architecture have participated in the design of five memorials bearing the name of the State of Kuwait in five regions in Lebanon, namely (Kafr Rumman), (Southern Suburb), (Bhamdoun), (Baalbek) and (Deir Ammar. It should be noted that the Fund has previously financed the construction of a number of memorials in some beneficiary countries. Examples are the construction of Chinese-Kuwaiti Friendship Memorial at the People's Hospital in Ningxia region, China, and the Kuwaiti-Pakistan solidarity memorial in the capital of Kashmir, Muzaffarabad, Pakistan. The Fund also contributed to the establishment of a Friendship Monument in the capital city of Tirana, Albania, funded by the Government of the State of Kuwait. It also contributed to the construction of "Kuwait Square" memorial in Gaza Strip. Recently, the Fund is in the process of contributing to the construction of two memorials in Tunisia, one in the northern urban center in the capital Tunis, and the other in the city of Kerkouane. Kuwait Fund monuments in beneficiary countries represent an expression of the depth of the distinguished bilateral relations between the State of Kuwait and those countries. They symbolize the appreciation, friendship and solidarity that brings together the people and government of Kuwait and the peoples and governments of beneficiary countries. They also represent a milestone in strengthening their joint cooperation with the Fund.