Kuwait offers Sudan KD 25 million-loan

(With photos) KHARTOUM, March 15 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) signed here Thursday a second loan agreement with the Sudanese government at a value of KD 25 million to finance two dams, namely Upper Atbara River and the State, in eastern Sudan.
The agreement was signed by KFAED Director General Abdulwahab Al-Bader and Sudanese Finance and Economy Minister Ali Mahmoud in a ceremony attended by a number of Sudanese ministers and senior officials.
"This agreement is part of the aid pledges, the State of Kuwait has made during the International Donors and Investors Conference for Eastern Sudan held in Kuwait in December 2010," KFAED Director General Abdulwahab Al-Bader said in his speech during the signing ceremony.
Kuwait has pleged USD 500 million-aid to eastern Sudan, USD 450 million in loans and USD 50 million a grant.
"This is the second loan Kuwait offers to Sudan as part of its commitments, at a total value KD 50 million (or about USD 170 million," Bader pointed out, adding that the Kuwait is putting the final touches on the USD 50 million-grant agreement. The grant projects seemed to work in Kuwait after selecting consulting firms and implemented either for loans, The KFAED signed KD 25 million (USD 85 million) loan agreement with Sudan in December 2010 to finance the construction of two dams on Atbara River.
Bader expressed Kuwait's commitment to fully support all development projects in Sudan.
For his part, Sudanese Finance Minister Ali Mahmoud praised KFAED continuing aid to his country over more than half a century.
Mahmoud revealed that KFAED started cooperation with Sudan since its foundation in 1962 when it offered Sudan the first loan to finance a railways project.
"Since this time, KFAED has offered Sudan 26 loans worth more than USD 819.
7 million" he said.
The Minister applauded the candid and strong ties between the two Arab nations.
For his part, Minister of State for Electricity and Dams Mohammed Hassan Al-Hadari said KFAED-financed two dams are meant to increase drinking water and agricultural production in the region as well as generating 320 megawatts of eelctricity to meet the residents' needs.
On December 1-2, 2010, Kuwait hosted the International Donors and Investors Conference for Eastern Sudan, which ended with pledges of more than USD 3.5 billion for the post-conflict economic and social rehabilitation of Eastern Sudan. (end) hha.ibi KUNA 151647 Mar 12NNNN