FINANCIAL NEWS

Kuwait fund extends $27m loan to Djibouti

01 Jul 2010

(MENAFN) The Kuwait Fund for Arab Economic Development (KFAED) said that it has signed a loan agreement with Djibouti’s government at the value of $27 million, needed to build a road to be named after His Highness Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah, Kuna reported.

KFAED Deputy Director General Hisham Al-Wugayyan and Djiboutian Minister of Economy, Finance, Planning and Privatization Ali Farah Assoweh signed the agreement.

KFAED said in a press release that this projects aims to enhance the economic and social development in the northern parts of Djibouti, in order to connect it with the capital and other areas of the country, besides improving the commercial transport and reducing the cost of goods and passengers’ traffic.

The 110-kilometer-long road is considered the 12th fund offered by KFAED to Djibouti, while total funds to the Arab country mounted to $100 million.

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