Kuwait to join Asian Infrastructure Investment Bank

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Assembly endorses Anti-Doping Agency

KUWAIT CITY, June 25: The Parliament endorsed the Anti-Doping Agency Bill in its first and second readings in an extraordinary session Monday with 45 out of 51 members voting in favor of the bill. This came after the Parliament discussed the report of the Youth and Sports Committee about the bill. The bill stipulates establishment of an independent anti-doping agency, which will be named ‘Kuwait Anti-Doping Agency’.

The agency will consist of independent personalities under the supervision of the concerned minister. The agency will be given autonomy in exercising its mandate and achieving its objectives in accordance with the principles and regulations set by the international anti-doping agency, in addition to forming the agency’s board of directors through a Cabinet decree.

The organizational structure of the agency includes the chairperson who will be nominated by the concerned minister, director general, deputy director general, and representatives of Kuwait Olympic Committee, Public Authority for Sports, Public Authority for Youth, Public Authority for Food and Nutrition, National Council for Culture, Arts and Letters, Customs General Authority; as well as the ministries of Education, Health, Interior, Commerce, Industry, Justice and Information.

The Parliament also approved the proposed amendments to some clauses of Corporate Law No. 1/2016 in their first and second readings with 43 out of 46 members voting in favor. During deliberations on the bill, Minister of Commerce and Industry Khaled Al-Roudan pointed out the amendments are aimed at improving the business environment. He said the amendments include reducing the number of members needed to request for a general assembly for limited companies from 25 percent to less than 10 percent.

He explained this amendment will enable small investors in limited companies to request for a general assembly and discuss the status of companies. He cited other amendments such as specifying the legal period for distribution of corporate profits and increasing the number days to prepare for the general assembly after submission of the request. He added the existing rule stipulates 15 days for investors to prepare for the general assembly and this increased to 21 days in the amended version. He believes this an ample period for members of the general assembly, stock holders and partners. Furthermore, the Parliament approved the proposal for Kuwait to invest in the capital of Asian Infrastructure Investment Bank (AIIB) with 43 out of 51 members voting in favor.

Speaking during the deliberation, Minister of Finance Dr Nayef Al- Hajraf affirmed that AIIB is a global development institution which aims to support and improve development projects in Asia and the Pacific region. He asserted that the bank follows the principles of sustainable development and planning strategy through its investment activities which support infrastructural schemes and structural network. He disclosed the capital of the bank is $100 billion and its paid capital is $20 billion which is paid in five equal batches annually, adding that Kuwait’s stake stands at $536 million with paid capital of $107.2 million to be covered annually at a rate of $21.4 million.

In addition, the Parliament endorsed the final accounts for fiscal 2016/2017 and budgets for fiscal 2018/2019 of the following governmental institutions: Anti-Corruption Public Authority, Public Authority for Food and Nutrition, Public Authority for Civil Information, Public Authority for Youth, Public Authority for Sports, Public Authority for Printing and Publishing the Quran, Public Authority for Assessing Compensation for Damages caused by the Iraqi Invasion, and National Assembly.

Moreover, the Parliament will hold two ordinary sessions to discuss several items in its agenda before taking the four-month summer recess. Items in the agenda for the ordinary session slated for Tuesday include the budgets and final accounts of several government bodies, financial matters, economy, and the finance minister’s report on the financial condition of the country.

By Mohamed Wangengi Arab Times Staff

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