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Kuwait Fund works on boosting cooperation with other countries

Kuwait Fund for Economic Development
Kuwait Fund for Economic Development

By Salem Al-Methen (Report) 

KUWAIT, Oct 2 (KUNA) -- Kuwait Fund for Economic Development is working on boosting cooperation between Kuwait and other countries to achieve sustainable development and to support international and regional humanitarian causes.
During 2021-2022, the fund financed several projects that contribute in accomplishing development goals that help achieve better living opportunities in fields of economic, health, social and environmental fields.
The most prominent project and agreement signed by Kuwait Fund and the UN's Human Settlements Program (Habitat) in October 2021, is of the adaptation and resilience to cross-border sand and dust storms between Iraq and Kuwait, and the electrical interconnection project for the GCC.
The project is an example of regional and international cooperation to achieve a safe and clean environment in various scientific fields for people affected, adding that the importance of this project lies in reducing sand and dust storms by 35-40%, which improves the public health and development in the region.
The project also aims to identify the main causes of sand and dust storms from the climatic, geological and chemical aspects to raise the possibilities of adaptation and resilience in areas that suffer from storms.
Kuwait Fund and the GCC Interconnection Authority (GCCIA) signed a project to develop the electrical interconnection system with the southern Iraq network, valued at USD 115 million, to increase the capacity and efficiency of the electrical networks of GCCIA member states.
The project contributes to raising electrical capacity in Kuwait to about 2500 megawatts, which will reflect positively on the reliability of the electrical network and raising its operational efficiency, adding that it will provide southern Iraq's network with a reliable electrical capacity of no less than 500 megawatts.
Kuwait will benefit from this project by achieving its development goals such as providing reasonable priced energy to citizens and the growth of economic, industrial and infrastructure sectors, in order to provide sustainable local communities.
As Kuwait pledged to support Palestine, the Kuwait Fund recently concluded an agreement worth 100,000 dinars (USD 340,000) to finance a project that will provide and facilitate accesses to clean water to residents of the Gaza Strip (Khan Yunis and Deir al-Balah).
Kuwait Fund concluded, last June, a memorandum of understanding with the UN Capital Development Fund (UNCDF), over a period of five years, in fields of common interest and in countries where the parties have development programs.
Furthermore, Kuwait Fund signed a tripartite agreement with Kuwait Red Crescent Society and Red Cross societies to establish joint cooperation in the countries to provide sustainable living opportunities and maintain peace.
As Kuwait pledges to support the humanitarian situation in Yemen, the Kuwait Fund concluded a grant agreement with UNICEF, amounting to 619,000 dinars (two million USD) to finance a project for mothers and newborns in conflict-affected areas in Yemen.
The Fund's contribution comes as a form of its humanitarian duty, based on Kuwait's belief in the importance of global efforts in aiding developing countries to meet the benefits of sustainable development of better living opportunities and to be able to provide it for their people. (end) skm.ht.ahm.seo