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FINANCIAL NEWS
Kuwait- KFAED loans USD70m to several African countries
17 Jul 2012
(MENAFN) Kuwait Fund for Arab Economic Development’s (KFAED) Director General, Abdulwahab Al-Bader, stated that the fund provided between USD67 million and USD70 million in loans to 5 African countries, reported Qatar News Agency.
Al-Bader said that the loans to Uganda, Ethiopia, Lesotho, Senegal, and Kenya are mainly to fund development projects.
On the other hand, Lesotho’s Prime Minister, Tom Thabane, stated that the amount allocated to his country will be used to build a dam, worth millions of dollars, in order to develop the African country’s water resources.
It is worth noting that the 5 African nations will use the amount to construct roads, schools, in addition to building Lesotho’s dam.
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