KUWAIT INKS US$23.8 MILLION LOAN DEAL TO FINANCE KENYA’S HIGHWAY PROJECT

KUWAIT CITY– The state Kuwait Fund for Arab Economic Development (KFAED) has signed Tuesday a loan agreement worth 7 million Kuwaiti dinars (23.8 million U.S. dollars) with Kenya to finance a major highway in the African country.

The loan, the sixth of its kind to Kenya, was in line with Kuwait’s initiative during the Arab-African summit in November 2013, KFAED said in a statement on Wednesday.

Kuwaiti Emir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah decided to provide 1 billion dollars of easy loans to development projects in Africa in five years at the summit.

The fund said the 156-km-long highway project would support economic and social development in northeastern Kenya, as well as improving transport efficiency between the country and its neighbours.

Source: NAM NEWS NETWORK