Panel to discuss financing of development projects

The ministerial economic committee is to hold a meeting next week to prepare a blueprint for banks' financing of development-related projects in order to ensure that the outline is completed and submitted to the Council of Ministers for approval during the month of Ramadan. Those participating in the meeting will include development minister Abdulwahab Al-Haroun, senior officials from the Central Bank of Kuwait and representatives from local banks. Discussions at the meeting will focus on various areas, including possible cooperation between local and foreign banks in the financing initiatives, although reports indicate that the local banks would be capable of financing the projects without external assistance. MP Ahmad Al-Saadoun has submitted a parliamentary question to Minister of Public Works Dr. Fadhil Safar on the economic and legal committees formed to deal specifically with issues concerning the troubled Mubarak Al-Kabeer Port project due to the large scale of investment there. On the same issue, Al-Saadoun asked the minister: "You have asked for the subject to be put before the Council of Ministers in order to activate the Memorandum of Understanding signed on April 18th, 2008...so what is this memorandum? The MP requested copies of all the financial reports compiled by the two committees, as well as a copy of the MoU signed with the Singapore International Port Authority and copies of the agreements signed with those companies responsible for carrying out the work on the project to date. Al-Saadoun also asked the minister for details of whether or not contractors are complying with the scheduled timetables set out for the work. On another issue, the chairman of the parliamentary finance committee, Yousef Al-Zalzalah, yesterday announced that the committee is set to meet shortly to discuss the legislation concerning tenders for development plan-related projects, adding that the body has put forward a number of proposals for essential amendments to the existing legislation on the subject. The amendments would impose certain conditions on all tenders, including a requirement for the creation of an independent board of directors in each case, as well as full transparency in all related matters. The committee has invited the finance minister has been invited to the upcoming meeting.