LOC14:57
11:57 GMT
KFAED Director General Abdulwahab Al-Bader with the Djiboutian Minister of Foreign Affairs and International Cooperation Mahmoud Ali Youssouf during the signing ceremony
KUWAIT, Nov 19 (KUNA) -- 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). (end)
kt.tg
KUNA 191457 Nov 13NNNN