World Bank Managing Director Sri Mulyani Indrawati Wednesday signed an agreement with the ambassador of Kuwait in Washington, Sheik Salem Abdullah Al Jaber Al-Sabah, to transfer $50 million to the World Bank-administered multi-donor Trust Fund to support the ongoing Palestinian Reform and Development Program (PRDP).
This amount is in addition to the $130 million that Kuwait has provided to the PRDP trust fund in 2008 and 2010.
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.
“The Trust Fund is central in supporting the Palestinian reform and development plan, a catalyst for economic growth. We are grateful to the State of Kuwait for their contribution,” said Indrawati.
“The World Bank’s involvement in supporting and monitoring the reform effort will strengthen the PA’s capacity to quickly enact reforms and to support the Palestinian people in their quest for a better future.”
Ambassador Al-Sabah reiterated Kuwait’s steadfast and continued support for the PA and highlighted the importance of the PA reform program and praised the significant progress made.
“The budget support is crucial at this juncture of time and the PA should be able to preserve and carry on with its institution-building and delivery of better public services,” he added.