LOC17:07
14:07 GMT
Kuwait Fund for Arab Economic Development loans KD 10 mln to Sri Lanka
KUWAIT, Jan 30 (KUNA) -- Kuwait Fund for Arab Economic Development said it
had signed a loan agreement of KD 10 millions (about USD 34 millions) with Sri
Lanka to fund the reconstruction of 25 bridges.
The fund said in a statement on Thursday that Sri Lankan Deputy Minister of
Finance and Planning signed the agreement on behalf of his country with Deputy
Chairman of the fund Hisham Al-Woqayan.
The project aims to meet the demands of the current and future traffic
needs in the country, to safely transfer people and goods, while also
supporting Sri Lanka's economic and social development, and reducing traffic
accidents, said the statement.
The fund had provided Sri Lanka with thirteen loans up till now, with the
latest agreement included. The loans which totaled KD 52.66 million aimed to
fund projects in different fields.
The fund had also given two technical aid batches to Sri Lanka with a total
of KD 537,000 (about USD 1.8 millions) to fund feasibility studies for
agriculture and energy projects. (end)
fnk.jk.ag
KUNA 301707 Jan 14NNNN