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FINANCIAL NEWS
Kuwait fund extends $17m loan to Uganda
23 Sep 2010
(MENAFN) The Kuwait Fund for Arab Economic Development (KFAED) announced the inking of two agreements in the Ugandan city of Kampala, one for a loan worth $10.2 million and the other a grant amounting to $7 million, Kuna reported.
KFAED said in a statement that the loan agreement came as a contribution to financing the operations project undertaken by Uganda Development Bank Ltd. from 2010 to 2014, besides signing a draft agreement between KFAED and the bank concerning the arrangements made for implementing the above-mentioned project as well as its management.
The fund said that this project aims at contributing to economic and social development in Uganda through providing sufficient resources to finance small and medium-sized productive and service enterprises in various sectors, particularly those in the fields of agriculture and industry in what helps increase job opportunities.
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