Kuwait fund signs loan deals with Ivory Coast, Malawi

SHARM EL-SHEIKH, Egypt: Ivory Coast and Kuwait Fund for Arab Economic Development (KFAED) signed Sunday a loan agreement whereby the fund will provide a loan of KD 9 million ($30.6 million) to finance an environmental project. The loan agreement was signed by Ivory Coast’s Minister of Finance Adama Kone and KFAED’s Director-General Abdulwahab Al-Bader on the sidelines of the 2018 Africa Conference. The project aims to support economic and social development in the Gulf of Kokodi in particular by improving the environmental and health conditions of the population of that region. This is done through a comprehensive multispectral project including interventions in the field of wastewater treatment and transport, among other measures to restore the saline water characteristics of the Iberian lake in the Abidjan area, particularly in the project area.

The project consists of civil, electrical and mechanical works for hydraulic installations, landscaping, sewage treatment facilities, rainwater drainage and road infrastructure. The loan is for a period of 25 years, including a grace period of six years. The loan is

repayable in 38 installments. The loan represents KFAED’s seventh to the Republic of Ivory Coast, where the past six loans financed projects in the transport, agriculture, drinking water, electricity and vocational training sectors with a total value of KD 31.076 million. KFAED is a Kuwaiti public institution that relies entirely on its own resources in providing loans and other development assistance.

Water network expansion

Similarly, a loan agreement between Malawi and KFAED was signed to help finance expansion of drinking water network in Mangochi city, totaling KD 5 million ($17 million). The signing ceremony took place on the sideline of the Africa 2018 Forum. The agreement was signed by Malawi Ambassador to Egypt Caroline Bwanali Mussa and KFAED chief Abdulwahab Al-Bader.

The project aims to meet the growing demand for drinking water, protect public health, utilize natural resources efficiently, and reduce waste by establishing a water treatment plant and water transmission and distribution networks in the city to serve the population of about 50,000 people and is expected to increase to 93,000 by 2036. The total cost of the project is estimated at KD 6.3 million. The government of Malawi will cover the remaining cost. This is KFAED’s eighth loan to the Republic of Malawi. The past seven loans financed projects in the telecommunications and transport sectors with a total value of KD 24.520 million ($83.368 million). — KUNA