Washington, November 14, 2012 – Kuwait contributed today a US$50 million to support the ongoing Palestinian Reform and Development Program (PRDP). This amount is in addition to the $180 million that Kuwait provided to the PRDP World Bank-administered multi-donor trust fund since 2008.
The agreement was signed by Sheikh Salem Abdullah Al-Jaber Al-Sabah, Ambassador of Kuwait in Washington, and Inger Andersen, World Bank Vice President for the Middle East and North Africa region. Merza Hasan, World Bank Executive Director and Dean of the Executive Board witnessed the signing.
“The State of Kuwait considers the budget support to the PA crucial in order to ensure the social and economic well-being of its citizens,” said Ambassador Al-Sabah. “The state of Kuwait is, and will always remain, steadfast in its support to the Palestinian people.”
The contribution will help support urgent budgetary needs - the Palestinian Authority (PA) is facing, providing inter alia support for education, health care and other vital social services for the Palestinian people and for the economic reforms currently underway.
“The PRDP Trust Fund is central in supporting Palestinian reforms and development plans and we are grateful to the State of Kuwait for their contribution,” said Andersen. “The World Bank’s involvement in supporting and monitoring the reform efforts will strengthen the PA’s capacity to sustain a number of significant reforms introduced to date and to bolster further progress.”
“The contribution from the State of Kuwait is highly significant and timely given the fiscal challenges that the PA faces. It will ensure continuity of its institution-building and better public service delivery reforms,” said Merza Hasan.
The World Bank PRDP Trust Fund was established on April 10, 2008, through an agreement signed between the World Bank and the Palestinian Authority during the 2008 World Bank-International Monetary Fund Spring Meetings. It is a central component of the World Bank’s effort to support the ongoing Palestinian Reform and Development Plan. In addition to Kuwait, the governments of Australia, France, Norway, and the UK regularly contribute to this Fund. With the new contribution from Kuwait, the trust fund will reach nearly US$900 million, of which approximately US$850 million have already been disbursed.
The World Bank has contributed $160 million of its own resources (through four Development Policy Grants) to support the budget of the Palestinian Authority.
For further information on the Palestinian Reform and Development Plan, please visit: www.worldbank.org/we
