A Grant Agreement was signed yesterday in Marrakesh between the Government of Burkina Faso, Kuwait Fund for Arab Economic Development (Kuwait Fund), in Its capacity as Administrator of Kuwait Goodwill Fund for the Promotion of Food Security in Islamic Countries (Kuwait Goodwill Fund), and Coris Bank International (CBI). By virtue of the said Agreement, Kuwait Fund will make a grant of U.S. $5,000,000, from the resources of Kuwait Goodwill Fund, to the Government of Burkina Faso to assist in enhancing food production in Burkina Faso. Kuwait Goodwill Fund was established pursuant to an initiative by His Highness Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah, the Amir of the State of Kuwait, announced at the Fourth Islamic Economic Forum held in Kuwait during the period 28th April - 1St. May 2008; and in accordance with the command of His Highness, the Government of the State of Kuwait allocated the amount of U.S. $100 million for the said Goodwill Fund.

 

This Fund aims at assisting Islamic countries in their endeavours to achieve food security and assure the basic right to food to their peoples.

The Grant Agreement was signed on behalf of Burkina Faso by His Excellency Mr. Saint Mary Bamba - Minister of Finance, and on behalf of Coris Bank International (CBI), Burkina Faso by Mr. Lanci Kabouri. Mr. Hesham Al-Waqayan, Deputy Director-General signed the Grant Agreement on behalf of Kuwait Fund for Arab Economic Development.

The Grant made to the Government of Burkina Faso will be used for establishing a Special Account at CBI which undertakes, under the aforementioned Agreement, to utilize the said Special Account for the purpose of funding microcredits and small loans for the financing of small-scale farming and other small business activities and micro-businesses for the production of food or provision of related supporting services, including food processing, storage, marketing and other services. CBI will carry out the required financing activities in accordance with an initial programme approved by the Government of the Burkina Faso and Kuwait Fund. It will allocate from the proceeds of the Grant an amount equivalent to not less than U.S. $2,000,000 for funding micro-credit services.