Chapter 16

KUWAIT

 

16.1 The Kuwait Fund for Arab Economic Development was established in 1961 as the main agency of the State of Kuwait for the provision of loans and technical assistance to Arab Countries for the implementation of their development programme. Its scope of operation was subsequently extended to cover all the developing countries. The Fund is a Kuwait Public Corporation with independent legal personality and financial and administrative autonomy.

16.2 India received its first loan of Kuwaiti Dinars of 15 million (about US$ 50 million) from the Fund in 1976 for the Kalinadi Hydro-Electric Project Phase-I in Karnataka, which has been Fully utilised by October, 1978. Since then the Fund has extended loans for various projects namely : Kopily Hydro Electricity Project (KD 9.4 million), Anpara ‘A’ Thermal Power Project (KD 16 million) and Anpara Power (Coal Transportation and Handling) project KD 9 million, Thal Vaishat Fertilizer Project (KD 44.3 million), South Bassein Gas Development Project (KD 14.6 million) and Kalinadi Hydro Electric Project Stage-II (KD 7.0 million) and Kerala Fisheries Development Project for Prawn culture (Phase-I) (KD 7.0 million).

16.3 Out of the total commitment of KD 91.84 million upto the end of 1998-99 KD 82.305million have so far been utilised.

16.4 The Government of Kuwait also made a cash grant contribution of Rs. 12.03 crores (Rs. 7.93 crores in 1980-81 and the balance in 1981-82) towards the cost of construction of an Indoor Stadium for the Asian Games held in 1982.

16.5 The utilization and debt servicing details of the loans, brief terms and conditions, are given in Annexure-I. The details of Grants are given in Annexure II.