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Kuwait offers Burundi USD 15m-loan to finance road project

KUWAIT, March 19 (KUNA) -- The Kuwait Fund for Arab Economic Development (KFAED) has inked an agreement with the Burundian government to finance Rumonge-Nyanza Lac road project with loan at a total value of KD 4.4 million (approx. USD 15 million).
In a press statement, the KFAED pointed out that the loan agreement was signed Monday by KFEAD Deputy Director General Ghanim Al-Ghuniman and Burundian Minister of Finance, Budget, and Privatization Domitien Ndihokubwao.
The loan comes within the framework of the initiative unveiled by His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah in the third Afro-Arab summit in Kuwait in 2013 to allocate USD one billion to offer loans to finance development projects in African countries in five years, the KFAED clarified.
It pointed out that the project was meant to meet the growing demand for paved roads for passenger and good transport and to contribute to the economic and social development in the African country.
This is the ninth loan offered by the KFAED to the Republic of Burundi. The total value of the past eight loans is about KD 12.5 million (about USD 41 million), all used to finance development projects in different sectors. (end) skm.fs.ibi