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.
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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