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KFAED signs KD 7.5 million loan agreement for Cuba

KUWAIT, May 1 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) signed a loan agreement of KD 7.5 million to finance rehabiliation of water network and sewage project in Havana, the Republic of Cuba.
KFAED's press release said, on Tuesday, that another related guarantee and project agreements were also signed between the Fund and representatives of the Republic of Cuba, namely the Institute of Hydraulic Resources.
The Guarantee Agreement was signed on behalf of the Republic of Cuba by Vice Minister of Finance and Prices Felix Martinez Suarez. The Loan Agreement was signed on behalf of the Central Bank of Cuba "Banco Exterior de Cuba" its President Jacobo Peison Weiner; furthermore, the Project Agreement was signed on behalf of the Institute of Hydraulic Resources' Vice President by Jva Jose Gonzalez Escudero. All three Agreements were signed on behalf of KFAED's Director-General Abdulwahab Al-Bader.
The aims of the Project are to meet the future demand for drinking water , reduce the loses in the transmission and distribution networks and protect the natural resources and the environment for about 550 thousand inhabitants living in 12 municipalities within the city of Havana through rehabilitation of water and sewerage network and installation of water meters.
The 12 municipalities within the project area are divided into two groups based on the degree of urgency. The first group consists of 7 municipalities namely; Cotorro, San Miguel, Guanabacoa, Habana del Este, Habana Vieja, La Lisa and Arroyo Naranjo. The second group consists of 5 municipalities namely; 10 de Octubre, Centro Habana, Cerro, Marianao and Boyeros. This is the third loan provided by KFAED to the Republic of Cuba. Two past loans of KD 7.5 million were also given to Cuba to finance the Santiago de Cuba Water Supply System. (end) hg.afh.nfm KUNA 011404 May 12NNNN