Kuwaits fund loans $30.6mln to Peoples Republic of China

KUWAIT CITY - A loan agreement was signed on Monday in Beijing between the People’s Republic of China and the Kuwait Fund for Arab Economic Development, whereby the fund will provide a loan in the amount of KD 9.0 million (equivalent to about $30.6 million), to the People’s Republic of China, to participate in the financing of the Guiyang Second People’s Hospital Expansion Project.

It is worth-mentioning that the fund is a Kuwaiti public corporation which relies entirely on its own resources for making loans and providing other kinds of development assistance.

The loan agreement was signed on behalf of the government of the People’s Republic of China, by His Excellency Wang Zhongjing, Deputy Director-General Department of International Economic and Financial Cooperation, Ministry of Finance, the People’s Republic of China, while the loan agreement was signed on behalf of the Kuwait Fund for Arab Economic Development, by Ghanem Sulaiman Al- Ghenaiman Deputy Director-General of the fund, in attendance of His Excellency Wencai Zhang, Director- General, Department of International Economic and Financial Cooperation, Ministry of Finance and HE Sameeh Essa Johar Hayat, Ambassador of the Embassy of the State of Kuwait to the People’s Republic of China, and Yousef Al-Bader, Regional Manager for East, South Asia and Pacific Countries at the fund, attended the signing ceremony.

The project aims to meet the increasing demand on health services, especially neurology health services from within Guizhou Province and others mainly from adjacent provinces in the People’s Republic of China, through the expansion of the existing Guiyang Second People’s Hospital, which leads to supporting the social development whether in Guiyang Municipality directly, or in Guizhou Province and adjacent provinces in general.

The project comprises constructing and equipping a specialized Brain Building, and a Comprehensive Building for other clinics, with a capacity of 1,400 beds, of a floor area of about 98,000 m2, in addition to provision of medical equipment and furniture needed, Landscaping and Parking, and Consultancy Services for detailed designs and tender documents preparation and supervision of construction.

This Kuwait fund’s loan represents the 39th loan extended by the Kuwait Fund to the People’s Republic of China, as the Kuwait fund has previously extended 38 loans to the People’s Republic of China, to finance projects in various sectors, with a total amount of approximately KD 289 million (equivalent to about $ 982.6 million).