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FINANCIAL NEWS
Kuwait lends Yemen USD72m for electricity project
13 Oct 2014
(MENAFN) Kuwait Fund for Arab Economic Development (KFAED) announced it has signed two USD 72.57 million loan agreements with Yemen to finance an electricity distribution project and a public works venture in the country, KUNA reported.
Under the first agreement, the USD 21 million will be utilized in financing the development of an electricity distribution network in Aden.
The second agreement signed by the fund and the Yemeni government, with a value of around USD 52.5 million, will finance a public works project, which aims at fighting poverty and unemployment, and improving living condition of the struggling country.
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