DOHA: Qatar has immediate plans to set up a QR360bn ($98.9bn) fund for sustainable financing of health and education projects and make these sectors and services world class.
This is the biggest corpus announced for any targeted sector in Qatar’s history as the sum is a little more than half of the country’s gross domestic product.
It is understood that the massive fund will be a permanent corpus and returns from its assets will be periodically spent on health and education in the country for all times to come.
The corpus will make sure that the investment needed over time to fully develop indigenous human resource in the two basic sectors is available.
The idea is to help achieve the goals set for the advancement of health and education as part of the Qatar National Vision 2030. The QNV envisages a world-class education system that equips citizens to achieve their aspirations.
And as for public health, the QNV sets the target of achieving a comprehensive healthcare system of international
standards.
The initiative to set up the fund comes directly from the Emir,
H H Sheikh Hamad bin Khalifa Al Thani. “It’s the Emir’s initiative,” Qatar News Agency said yesterday. The corpus is to be set up vide a law whose draft was approved by the State Cabinet at its weekly meeting yesterday. The draft is to be referred to the Advisory Council, QNA said. The fund is to be given the legal authority to operate as an autonomous body and would be tasked with identifying priority financing areas in the above two sectors.
The body would complement the state’s comprehensive development plans and work to encourage private investment in health and education.
The Qatari community was very excited about the news yesterday. “It’s a massive fund and will take care of all future needs of health and education sectors in our country for generations to come,” said Mohamed Zayed Al Khayarin, from the Centre of Voluntary Activities.
Mishal Al Dhahnim, a member of the Central Municipal Council (CMC), said many achievements have already been realised in the health and education sectors. “The fund will considerably advance health and education as it would help investment in indigenous human resource development.”
The Peninsula
