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KFAED, Republic of Guinea sign USD-27 mln loan agreement

KFAED, Republic of Guinea sign USD-27 mln loan agreement
KFAED, Republic of Guinea sign USD-27 mln loan agreement
KUWAIT, May 23 (KUNA) -- The Kuwait Fund for Arab Economic Development (KFAED) has signed with the Republic of Guinea a loan agreement worth KD eight million (USD 27.2 million) for financing a road project.
KFAED said Tuesday in a press statement that the project aims to meet the growing demand for the transportation of goods and passengers amongst cities in southeastern area across Guinea, and promote trade movement with neighboring countries.
This contributes to supporting social and economic development of the area where the project is carried out, it added.
The deal was inked in the city of Ahmadabad in India on the sidelines of the annual meeting of the African Development Bank.
It was signed by Guinea's minister of planning Kanny Diallo and KFAED's Deputy Director-General Hisham Al-Wuqayyan.
The fund had provided 12 loans worth KD 48.577 million (USD 165.161 million) to Guinea for financing different projects.
It also offered four technical aid worth KD 667,000 (USD 2.267 million), and allocated USD 3.961 million to the country for other projects. (end) mam.hm