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  Economics
Kuwait, Sri Lanka ink new loan accord
30/03/2017 | LOC14:28
11:28 GMT
| Kuwait News
تصغير الخطالشكل الأساسيتكبير الخط
KUWAIT, March 30 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) has signed a KD five million (USD 17 million) loan agreement with Sri Lanka to finance developing the region of Kalu Ganga.
KAFED said in a statement, on Thursday, that the lent fund would be invested for developing Mahaweli river basin.
The project has been executed by the Sri Lankan Government since the 60s; aimed at increasing agricultural and farming products, in addition to securing housing and improving living standards for the natives in the region.
It is the second loan accord, signed by KFAED to fund this mega venture. In March , 2009, the fund lent the Asian nation KD 10 million (USD 34 million) for the same project.
Sri Lankan Finance Undersecretary Dr. Samaratunga inked the deal on behalf of his government. From KAFED, it was the Deputy General Director, Hamad Al-Omar, who signed it, with Kuwaiti diplomats attending the signing ceremony.
The Kuwaiti fund had given the country technical aid, worth KD 455,000 (USD 1.52 million) to finance feasibility studies for agricultural and energy projects.
KAFED was established on December 31, 1961, to aid Arab and foreign countries, in line with the Gulf State foreign policy, aimed at enhancing its status on the global arena. (end) ht.rk
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