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About IFIs and IFFOs:

The Kuwait Fund for Arab Economic Development (KFAED) was founded on December 31, 1961, six months after Kuwait’s independence.

The KFAED is the first aid agency that was created by a developing country. The amount of the authorized capital of the Fund is 2 billion Kuwaiti dinars (equivalent to 0.6 billion dollars).

The Fund is state owned and has an independent legal status. It is headed by a Board of Directors, whose members are appointed by the head of the Board, the Prime Minister of the State of Kuwait. By decision of the Prime Minister, the powers of the Chairman of the Board of Directors are currently exercised by the First Deputy Prime Minister, Foreign Minister Sabah Khaled Al-Hamad Al-Sabah.

Website: www.kuwait-fund.org 

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The Fund is engaged in providing and monitoring financial and technical assistance to developing countries.According to its purpose, the Fund is an agent of the Government of Kuwait on providing technical and financial assistance to developing countries.

Main activities of KFAED:

– issuance of loans and guarantees;

– provision of grants through the provision of technical assistance.

Since 1981, the KFAED has the mandate to contribute to the authorized capital of international and regional financial institutions and the authority to represent the State of Kuwait in these organizations.
The main areas of assistance are agriculture and irrigation, transport and communications, energy, industry, water supply, healthcare, etc.

In accordance with the original charter, the activities of the Fund were directed only to Arab countries. In July 1974, the framework of the Fund’s activities has spread to other developing countries of the world. Since 1975, the KFAED operates within the framework of the Arab Coordination Group (ACG).

The terms of loans are of a preferential nature: low interest (average 3.2%), long repayment period (average 22 years), availability of a grace period (determined based on the nature of the project funded).

Cooperation with the Republic of Uzbekistan:

Cooperation with the Kuwait Fund for Arab Economic Development (KFAED) dates back to 1997, when an agreement was signed to finance the project “Improving the water supply of the cities of Nukus and Urgench” (equivalent of $ 20 million).

On January 19, 2004 in El Kuwait, a Memorandum of Cooperation was signed between the Government of the Republic of Uzbekistan and the Kuwait Fund for Arab Economic Development, which included a list of priority projects for further cooperation with the KFAED. In accordance with the Memorandum, it was envisaged to allocate 215 million dollars to finance 9 projects in Uzbekistan in the field of water supply, energy supply and improvement of land reclamation state.

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Within the framework of the Memorandum today, jointly with the KFAED, the following projects have been implemented: “Electrification of Tashkent (Tukimachi) – Angren railway section” (eq. 20.1 million dollars), “Equipping 171 emergency medical departments of central district and city hospitals with medical equipment” (eq. 20.5 million dollars) and “Equipment of the republican specialized center for cardiac surgery with high-tech medical equipment” (eq. 12.9 million dollars).

Also, KFAED made a decision to allocate technical assistance for development of a feasibility study for the project “Restoration of the irrigation network and drainage system of Jizzakh and Syrdarya regions” (equivalent to $1 million) and for the institutional development of the Fund for Reconstruction and Development of Uzbekistan (equivalent to 170 thousand dollars).

On July 21, 2008 during the visit of the Emir of Kuwait to Uzbekistan, a new Memorandum of Cooperation was signed between the Government of the Republic of Uzbekistan and the KFAED, which includes a list of 10 promising projects worth $ 375.2 million.

On June 14, 2009 the KFAED Board of Directors approved the financing of the project “Restoration of the irrigation network and drainage system in Jizzakh and Syrdarya regions” in the amount of 4.34 million Kuwaiti dinars (equivalent of 15.6 million dollars).For this project within the framework of the visit on October 21-23, 2009, the Deputy General Director of the KFAED, H. Al-Wakayan, signed a loan agreement between the Republic of Uzbekistan and the KFAED.

Following the results of participation of the KFAED mission in presentation on March 1-2, 2010, in the city of Tashkent the project “Development of Uzbekistan National Highway” a meeting protocol was signed, expressing the readiness of the Kuwaiti side to consider the issue of co-financing the project for construction and reconstruction of the road section Guzar – Chim – Kukdala (73 km) in the amount of 21 million dollars.

On March 20, 2011, the KFAED Board of Directors decided to allocate 6 million Kuwaiti dinars (eq. 21 million dollars) to finance the project, the corresponding loan agreement for the project was signed on March 29, 2011 in the city of Tashkent.

According to the results held on November 6-7, 2012 in Tashkent, the roundtable with participation of the Arab Coordination Group (ACG) worked out the implementation of the project “Equipping clinics of medical universities and republican multi-field hospitals with modern medical equipment” with participation of the KFAED. The loan agreement on financing the project was signed on March 19, 2015 within the framework of the visit to Uzbekistan of the Deputy General Director of the Fund Hisham Al-Wakayan.

As well as, KFAED took part in the work of the ACG “Roundtable” on October 27, 2014 in Tashkent, during which a number of promising investment projects were presented. Following the event, the KFAED expressed interest in financing the project “Equipping with modern diagnostic units and diagnostic equipment of urology departments of the Republic of Uzbekistan” in the amount of 23.0 million dollars.

The loan agreement for the project “Equipment with modern diagnostic and therapeutic equipment of urological departments of the Republic of Uzbekistan” was signed on March 15, 2016 in the city of Tashkent during the visit of KFAED delegation led by the Deputy General Director Hamad al-Omar.

In general, to date, with participation of KFAED in the Republic of Uzbekistan, 7 projects worth 90.36 million dollars have been completed, 3 projects are being implemented for a total amount of 68.2 million dollars and a fundraising loan of 103.6 million dollars is being worked out to finance the project “Housing development in rural areas with necessary engineering and communications infrastructure, road and transport infrastructure with KFAED participation” (60 million dollars) and two health projects for a total amount of loans of 48.2 million dollars. (“Equipping Level 3 Perinatal Care” and “Equipping High-Tech Medical Equipment of Neurosurgical Service of the Republic of Uzbekistan”).

The Board of Directors of the Fund on February 9 of this year approved co-financing of the project “Development of engineering infrastructure in rural areas for construction of individual housing on standard projects”.In the period of April 8-19 of this year, the KFAED expert mission was organized in Uzbekistan to evaluate this project, during which the draft loan agreement for the project was initialed.The draft loan agreement was agreed with interested ministries and agencies of the Republic of Uzbekistan on 14.07.2017, the draft loan agreement with the KFAED was initialed by the Ministry of Finance and sent to the Kuwaiti side.

During the visit of the delegation of the Kuwait Fund for Arab Economic Development (KFAED) led by Deputy General Director H.Al-Wakayan from January 28-31, 2018, a loan agreement was signed to finance the project “Development of engineering infrastructure in rural areas for construction of individual housing for typical projects” (30 million USD).