Memorandum of Cooperation was signed between Kuwait Fund and Development Bank of Mongolia
The President of Mongolia Ts.Elbegdorj who is making an official visit to the State of Kuwait
received the Director-General of Kuwait Fund for Arab Economic Development Mr. Abdulwahab Al-Bader on December 06, 2011.
The President Ts.Elbegdorj emphasized that the Kuwait Fund is playing a significant role to develop the mutual relationships and cooperations. In Mongolia, three projects were implemented successfully on the infrastructure sector including Taishir
Hydro-electric station, the asphalt roads from Darkhan
cities and Erdenet-Bulgan
-Unit (Un't) respectively from the soft loan provided by the Kuwait Fund.
Mr. Abdulwahab Al-Bader expressed on behalf of the Kuwait Fund, ”We are ready to continue on investing and issuing soft loans to the projects that play a leading role for development of the country and to the projects that economical and technical investigations were completed well”.
Also, the President of Mongolia requested for the soft credit from the Kuwait Fund for constructing the Shuren Hydro-electric station and on asphalt roads Tarialan-Murun
accordingly. The two parts agreed on further cooperation between the Development Bank of Mongolia and the Kuwait Fund. During the meeting the Director-General of Kuwait Fund for Arab Economic Development Mr. Abdulwahab Al-Bader and the First Deputy Director of Development Bank of Mongolia Mrs. L.Bolormaa signed on Memorandum of Cooperation.
The Kuwait Fund for Arab Economic Development (KFAED) is the State of Kuwait’s agency for the provision and administration of financial and technical assistance to developing countries. Founded in December, 1961 by then Minister of Finance Sheikh Jaber Al-Ahmad Al-Jaber Al-Sabah, the Kuwait Fund was operational shortly after the country’s independence, ensuring that Kuwait’s newly discovered oil wealth was put to benefit neighbors and friends alike.