KUWAIT, May 31 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) said Friday it signed an agreement with the Government of Burkina Faso to make available USD five million from the resources of Kuwait Goodwill Fund to help enhance the food production in Burkina Faso.
The Grant Agreement was signed on by Burkina Faso Minister of Finance Saint Mary Bamba, and on behalf of Coris Bank International (CBI) - Burkina Faso by Lanci Kabouri.
KFAED's Deputy Director General Hesham Al-Waqayan represented the Fund at the signing ceremony held in Marrakesh, northwest Morocco, according to a statement by the Fund.
The grant will be used for establishing a Special Account at CBI which undertakes, under the Agreement, to finance microcredits and small loans for small-scale and micro-scale agricultural and food production projects in the West Africa country.
The CBI will carry out the required financing activities in accordance with an initial program approved by the Government of the Burkina Faso and KFAED.
It will allocate from the proceeds of the Grant an amount equivalent to not less than USD two million for funding micro-credit services.
KFAED runs Kuwait Goodwill Fund - an initiative by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah that was announced at the Fourth Islamic Economic Forum in Kuwait in 2008.
Under instructions of HH the Amir the Kuwaiti government allocated the amount of USD 100 million for the Goodwill Fund which aims to assist the Islamic countries in their endeavors to achieve food security and assure the basic right to food to their peoples. (end)