Kuwait Fund for Development to Provide a Loan of KD 15 Million to Djibouti

Kuwait City, 21 Nov 2013 (SDN) -A loan agreement of 15 million Kuwaiti dinars (kd) was signed here on Tuesday between the State of Kuwait, represented by the Kuwait Fund for Arab Economic Development (KFAED) and the Republic of Djibouti.
The loan agreement, which was signed on the sidelines of the 3rd Africa-Arab Summit, KFAED will provide a second loan of KD 15 million (equivalent to about USD 52.2 million) to assist in the financing of Tadjoura- Balho road project (Sheikh Sabah Al-Ahmad Road).
The agreement was signed on the behalf of the KFAED by its Director General Abdulwahab Al-Bader whereas it was signed by the Djiboutian side by Minister of Foreign Affairs and International Cooperation and government spokesman Mahmoud Ali Youssouf.
A KFAED press release said that the project was aimed at enhancing the economic and social development in northern region of Djibouti through improving its connection with the commercial center in the capital and with areas where medical and educational services are provided.
It should be noted that the KFAED has already provided a loan in 2010 to help finance a project worth KD eight million (USD 28 million).

Source: Kuna