KUWAIT, Aug 24 (KUNA) — Within the framework of the initiative of His Highness the Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah during the 1st International Islamic Economic Conference held in Kuwait between April 29 to May 1, the Kuwaiti fund KFAED is to grant Djibouti two million dollars.
The Grant Agreement was signed Wednesday in Djibouti between the Republic of Djibouti and Kuwait Fund for Arab Economic Development (KFAED), in its capacity as Administrator of Kuwait Goodwill Fund for the promotion of Food Security in Islamic countries, whereby the Fund shall extend a Grant of USD 2 million from the resources of Kuwait Goodwill Fund to Djibouti to contribute in the financing of small and micro projects in the agricultural sector in the Republic of Djibouti through Djibouti Agency of Social Development.
The Grant Agreement was signed on behalf of Djibouti by Ilyas Moussa Dawaleh, Minister of Economy and Finance, in charge of Industry and Planning and on behalf of the Djibouti Social Development Agency by Zahra Youssouf Kayad the Minister of National Solidarity, and on behalf of KFAED, Hesham Al-Waqayan, Deputy Director-General.
The Grant Agreement aims at contributing sufficient food security and increasing food production in Djibouti through extending loans for financing small and micro projects in food production field and supplying the required services.
Upon signing this Agreement, the Kuwaiti Government would have provided 3 Grants to Djibouti totaling about KD 3.1 million equivalent to about USD 11 million, all administered by KFAED, whereas the Kuwait Fund already extended to Djibouti before 12 loans with a total amount of KD 40 million (i.e. USD 137 million) to finance projects in various sectors.
The Fund had also extended to Djibouti one Technical Assistance Grants with a total amount of KD 87,000 (i.e. USD 316,000).