The World Bank Managing Director Juan Jose Daboub has signed an agreement with the Ambassador of Kuwait in Washington Sheikh Salem Abdullah Al Jaber Al-Sabah to transfer US$80 million to the World Bank-administered multi-donor Trust Fund to support the ongoing Palestinian Reform and Development Program (PRDP).
The Kuwaiti contribution will allow total transfers from trust fund and from the linked World Bank Funds to reach US$275 million. These resources will help support the urgent budget needs of the Palestinian Authority (PA), providing inter alia support for education, health care and other vital social services for the Palestinian people and for the economic reforms currently underway.
“This generous contribution is timely to maintain the momentum of reforms that are being introduced by the PA which will also allow the continuation of vital social services,” said Mr. Daboub. Ambassador Al Jaber Al-Sabah underlined the importance of ensuring that the basic needs of the Palestinian people were safeguarded during a most difficult period, and the appreciation of Kuwait for the work of the World Bank in the West Bank and in Gaza.
The World Bank PRDP Trust Fund was established on April 10, 2008, when an agreement was signed between the World Bank and the Palestinian Authority during the 2008 World Bank-IMF Spring Meetings in the World Bank Headquarters. It is a central component of a World Bank effort to support the ongoing Palestinian Reform and Development Plan. The governments of Norway, Australia, the UK, France and Finland have already contributed to this Fund, while contributions by Canada, Poland, and a second contribution from the UK are now in process, in addition to the current Kuwaiti contribution. Approximately US$148 million has already been disbursed from this fund and from associated World Bank resources to date.
The World Bank Managing Director Juan Jose Daboub has signed an agreement with the Ambassador of Kuwait in Washington Sheikh Salem Abdullah Al Jaber Al-Sabah to transfer US$80 million to the World Bank-administered multi-donor Trust Fund to support the ongoing Palestinian Reform and Development Program (PRDP).
