Late Amir Sheikh Jaber Al-Ahmad... Founder of Kuwait's economic renaissance

KUWAIT, Jan 14 (KUNA) -- The ninth anniversary of the late Amir Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah comes tomorrow, as he passed away on January 15, 2006, with the Kuwaiti people still mourning his death with great sorrow and sympathy.
Late Sheikh Jaber was named ruler of Kuwait on December 31, 1977, following the death of late Sheikh Sabah Al-Salem Al-Sabah, making him the 13th ruler of Kuwait.
Sheikh Jaber was the third Amir during the state's constitutional era that started on November 11, 1961.
The first post he assumed was the vice governor of Al-Ahmadi Governorate in 1949, as he was appointed by his father Sheikh Ahmad Al-Jaber Al-Sabah- who was the ruler of Kuwait back then.
Sheikh Jaber, since then, showed great interest in the distinguished design and structure of Al-Ahamdi city due to the presence of oil companies that were operating there.
In 1959, he was responsible of the administrative office for the state's public funds and property management, besides taking tasks at office of oil affairs and housing, as he started to value home units to be bought by the government from Kuwaitis to allow the country to commence the modern urban comprehensive renaissance.
In the same year, he was appointed as Kuwait Monetary Council's president, significantly contributing in the issuance of the first Kuwaiti currency following Kuwait's independence in 1961.
On January 23, 1963, late Sheikh Jaber was appointed as deputy prime minister and minister of finance and industry, with the country witnessing a new phase of progress and prosperity in all fields, especially in the economic domain.
He founded a number of projects, including Shuwaikh Port, the sea water desalination plant, and Kuwait National Petroleum Company (KNPC).
He laid down the foundations of investments in the country through investing the surpluses of the country's oil revenues, while putting into consideration other sources of income.
He also established the State Audit Bureau in 1964, as well as Future Generations' Reserve Fund in 1976, which greatly contributed in financing Kuwait during the Iraqi invasion in 1990. The Central Bank of Kuwait was also founded during his reign in 1977.
Late Sheikh Jabber also established the Public Institution for Social Security (PIFSS), which guaranteed retirement pensions for all employees in the governmental, private and oil sectors.
He also proposed the establishment of a 30-member consultative council during the Gulf summit of 1996 in Doha, Qatar, as a procedure to provide the GCC leadership with suggestions that would improve decision-making process.
Sheikh Jaber was also founder of Kuwait Fund for Arab Economic Development (KFAED), with the Fund pioneering in providing financial aid for developing and poor countries, all out of eight percent of the country's GDP.
Late Sheikh Jaber in 1988, during a speech at the United Nations headquarters, decided to cancel the debt interests on poor countries, besides reducing the total basic debt amounts.
He also, made the same initiative during the toughest times Kuwait suffered during the Iraqi invasion in 1990. (end) gh.hb.lb