Pal't approves Public-Private Partnership law

KUWAIT, June 30 (KUNA) -- The National Assembly passed Monday a bill amending law No. 7 of 2008 on Build, Operate and Transfer (B.O.T) and similar project-financing systems and state properties law No. 105 of 1980.
The law was passed with 28 votes in favor vis-أ -vis 18 votes against and abstention of two MPs out of the total 48 who attended the session. After voting, the National Assembly referred the law to government.
The MPs have decided to name it "Public-Private Partnership Law" to cover different forms of partnerships between public and private sector, said Chairman of the Financial and Economic Affairs Committee MP Faisal Al-Shaya.
He added that the law addresses the loopholes of the previous one and expand the scope of the projects it covers. Al-Shaya stated the new law allows and regulates public-private partnership for executing infrastructure projects.
It has extended the contract period from 40 years to 50 years, starting from the end of the construction and equipping activities.
The law also introduced a mechanism for the establishment of shareholding companies that would implement the contracted projects. (end) hrz.sss.fs.ibi