KFAED inks KD 8m loan ‘agreement’ with Guinea
Construction of 4 Interchanges Project
KUWAIT CITY, June 23: A loan agreement between Kuwait Fund for Arab Economic Development and the Republic of Guinea has been signed in Conakry, whereby Kuwait fund extends a loan in an amount of KD 8 million equivalent to about $27 million to participate in the financing of the construction of Four Interchanges Project in Conakry. It is worth mentioning that in extending its loans and providing other kinds of development assistance, Kuwait fund depends entirely on its own resources.
The loan was made in pursuance of an initiative by His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, the Amir of the State of Kuwait announced at the 3rd Africa-Arab Summit held in Kuwait during the period Nov 19-20, 2013 to grant concessionary loans to African countries to the tune of one (1) billion US dollars spread over the succeeding five years for financing development projects in the African countries.
The loan agreement was signed on behalf of the Republic of Guinea by His Excellency Momadi Camara, Minister of Economy and Finance of the Republic of Guinea, and on behalf of Kuwait Fund for Arab Economic Development by Ghanem Sulaiman Al-Ghenaiman, Deputy Director-General of the fund, in attendance of Thamer Al-Failakawi, Regional Manager, West African Countries at the Fund.
The project aims to facilitate the traffic movement of passengers in the capital Conakry connecting the center of the capital with its urban areas in view of the severe traffic congestion on “Le Prince” road in peak hours that cause the increase of travel time and fuel consumption, in addition to traffic and pedestrian accidents and cars pollution.
The project consists of the construction of (4) flyovers and roundabouts at the intersections of Hamadallaye, Bambeto, Cosa and Enco districts, located along “Le Prince”, in addition to the construction of (4) tunnels at the intersections’ sites connecting to service roads. The project also includes the rehabilitation of (4) transversal roads which intersects with “Le Prince” road and connecting the said intersections with the North Corniche Highway and South Corniche Highway. The project comprises, also, the institutional support, Project Audit, the consultancy services for the supervision of the construction of works.
The signing of this loan brings to 14 the number of loans accorded by Kuwait Fund to the Republic of Guinea , where the fund previously provided 13 loans totaling about 56.578 million Kuwaiti dinars, to participate in the financing in projects in various sectors. Furthermore, the fund has extended technical assistances with a total amount of KD 667,000, in addition to the grant allocated from the resources of Kuwait Goodwill Fund for promotion of food security in Islamic countries with an amount of about $1.165 million.