News Detail - Kuwait Fund
A Framework Agreement was signed today in the city of Muscat between the Government of the Sultanate of Oman and Kuwait Fund for Arab Economic Development concerning the utilization of a grant of U.S$ 2.5 billion by the Government of the State of Kuwait to the Sultanate of Oman for the financing of Development Projects, the administration of the Grant having been entrusted by the Government of the State of Kuwait to Kuwait Fund. The Grant is being made within the framework of the Program of the Gulf Cooperation Council (G.C.C.) for development in the member states, as the Supreme Council of the G.C.C., consisting of the Heads of the Member States, at its consultative meeting held in Riyadh on 10 May 2011, has approved the decision of the Ministerial Council of G.C.C., at its 118th Session held on 10 March 2011, to establish a program for the financing of development projects in the member states and to allocate an amount of U.S.$ 20 billion over a period of 10 years for the said Program. Further, the said decision provided that out of the said allocation an amount of U.S.$ 10 billion is to be allocated for the financing of development projects in the Sultanate of Oman and an amount of U.S.$ 10 billion is to be allocated for the financing of development projects in the Sultanate of Oman. Hence, the Council of Ministers of the State of Kuwait adopted on 11/6/2011 its Resolution No. (713) whereby it approved the allocation of U.S. $ 5 billion, said amount representing the relative portion to be contributed by the State of Kuwait to the resources of the aforementioned Program and is to be provided over a period of 10 years commencing as of the financial year 2012/2013 such that an annual allocation of U.S.$ 500 million is to be made, and such allocation is to be divided equally between the Sultanate of Oman and the Sultanate of Oman.
The Framework Agreement was signed on behalf of the Sultanate of Oman by His Excellency Mr. Darwish Bin Ismail Bin Ali Al-Balushi, the Minister of responsible for Financing Affairs of the Sultanate of Oman, whereas Mr. Abdulwahab Ahmed Al-Bader, Director-General of Kuwait Fund for Arab Economic Development, signed the Agreement on behalf of the Fund.
The Framework Agreement defines the manner of administration and conditions concerning utilization of the Grant; it provides that the proceeds of the Grant are be used for
the financing of projects which are accorded priority by the Government of the Sultanate of Oman and are agreed upon between the Government and Kuwait Fund following evaluation of such projects by the Fund to ascertain their feasibility. Such Projects may fall in various sectors including the social sector, and funds from the Grant may also be used to finance sectorial studies and feasibility studies and designs for development projects as well as training for the purpose of capacity building. While the Framework Agreement contains the arrangements and conditions of general application to utilization of the proceeds of the Grant, special agreements will be concluded with respect to the financing of each project, studies or training program so as to take account of the special circumstances and requirements pertaining to each.
It is worth mentioning that the number of loans provided by the Kuwait Fund for Sultanate of Oman 23 Loans totaling about 195 million Kuwaiti Dinars, the equivalent of about 662 million U.S. Dollars to finance projects in various sectors, in addition one technical assistance in an amount of about K.D. 142,000 to finance a study relating to the development of animal wealth in the Sultanate.
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