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FINANCIAL NEWS
Kuwait fund extends $13m loan to Benin
18 Dec 2010
(MENAFN) Kuwait Fund for Arab Economic Development (KFAED) has announced the signing of a $13 million loan agreement with the Republic of Benin for a project to upgrade the roads network, Kuwait Times reported.
KFAED said in a statement that the agreement was signed in Benin’s economic capital of Cotonou and it aims at upgrading the Ouidah-Allada road and its Baho-Tori branch, making clear that the project would support the economic and social development in the country, as well as fight poverty in the south western areas through improving the roads linking it to Cotonou.
It added that improving the infrastructures and roads in this area will contribute to reducing the costs of transporting farm products and will provide an access to markets and social services, in addition to further easing the international land transportation and reducing traffic jams at the western entrance of Cotonou.
It said that the acting minister of finance and economics signed the agreement on behalf of the Government of the Republic of Benin, while it was signed by KFAED’s Deputy Director General Hisham Al-Wuqayyan on behalf of the fund.
With this loan agreement signed, KFAED offered up till now 11 loans to the Republic of Benin, with a total of $83.6 million.
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