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KFAED signs KD 6 mln loan agreement to Sierra Leone

KUWAIT, May 24 (KUNA) -- Kuwait Fund For Arab Economic Development (KFAED) signed a loan agreement of KD 6 million (USD 20 million) to fund phase two of a road project in Sierra Leone.
The Loan Agreement was signed, on Tuesday in Zambia during the African Development Bank 2016 annual meeting. It was signed on behalf of Sierra Leone by Minister of Finance Batrick Coneh and on behalf of KFAED by its Deputy Director-General Hesham Al-Waqayan.
The Project aims at enhancing the economic and social development of the Republic of Sierra Leone through the construction of Phase II of Hillside Road Project, which connects the east, and west sides of the Capital Freetown.
The Project consists of the following main components: site preparation, demolition of properties, utilities reallocation, construction of water culverts drains, environmental protection works, pavement works including sub-base, base and asphalt-concrete layers, traffic furniture and road marking and consultancy services for the supervision of construction.
The Project is expected to be completed by the mid of 2018.
This loan is the 8th loan given to Sierra Leone considering. KFAED had already given 7 loans to Sierra Leone, with a total amount of KD 22 million (i.e. about USD 74.15 million) to finance projects in different sectors. (end) skm.nfm