FINANCIAL NEWS

Kuwait fund extends $20m loan to Kenya

21 Sep 2010

(MENAFN) Kuwait Fund for Arab Economic Development (KFAED) signed on Monday a loan agreement in the Republic of Kenya under which it shall provide a loan of $20 million to contribute to financing the Nuno – Modogache road project, Kuna reported.

The agreement was signed on behalf of the Kenyan government by Deputy Prime Minister and Finance Minister Uhuru Kenyatta, and on behalf of the Kuwaiti Fund Deputy Director General Hisham al-Waqayan.

A statement issued by the Fund said that the proposed project aims to raise the efficiency of transport services and traffic safety and contribute to economic and social development of the region in the north-eastern Kenya, as well as to promote trade with neighboring countries.

This is the fourth loan to be provided by the Kuwaiti Fund to the Republic of Kenya.

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