KFAED signs loan agreements with Mali, Senegal
KUWAIT: A loan agreement, totaling KD 9.5 million ($32 million), was signed between Kuwait Fund for Arab Economic Development (KFAED) and the Republic of Mali to finance a drinking water project in the Bamako capital district. According to a statement by KFAED yesterday, the loan will also help improve social development and economy in the area, through providing adequate amounts of water as a source from Niger River to needed areas due to increase demand of water.
The project consists mainly of civil and electromechanical works to expand the Bamako water project, as a first phase through the construction of a new water treatment plant and the laying of conveyor lines, as well as the construction of reservoirs, pumping stations, distribution networks, household connections and water taps. The project also includes the provision of consultancy services for the preparation of detailed designs, tender documents, and supervision of implementation, institutional support and project management.
KFAED had announced on Friday signing a loan agreement worth KD 12 million ($40.8 million) with Senegal. According to KFAED, the loan will be geared towards developing a highway project in Senegal. The 105 kilometers road will develop transportation, commerce, and cargo services in Senegal, stated KFAED.
This is the 30th loan by KFAED to the African country. The total amount of KFAED loans to Senegal have reached KD 110 million ($374 million). The Kuwaiti fund has offered three technical loans worth KD 582 million ($1.9 million). KFAED was founded in December 31, 1961 as an entity aimed at providing assistance and support to world countries within the development domain. —KUNA