TUNIS, March 21 (KUNA) -- The Kuwait Fund for Arab Economic Development (KFAED) and Tunisia have inked a loan agreement worth KD five million (about USD 16.6 million) for financing and developing the health sector in the country.
The deal was signed by KFAED Director General Abdulwahab Al-Bader and Tunisia's minister of development and investment Ziad Al-Azari on Wednesday, in the presence of some members of Kuwait's embassy staff and Tunisian officials.
The interest rate of the loan hits 1.5 percent and will be repaid within 20 years, with a four-year grace period.
In a statement to KUNA and the Kuwait TV, Al-Bader re-affirmed Kuwait's commitments to continuously backing Tunisia in achieving its development programs and projects in several domains, mainly the social sectors related to the improvement of living conditions.
He stressed the importance of health sector in improving indicators of human development as a whole, saying this sector deserves to be supported.
The loan is part of the fund's pledges, worth USD 500 million, that were announced during the International Conference on Investment, TUNISIA 2020, to support development projects within five years, he noted.
For his part, Al-Azari affirmed the importance of this project, which will help improve medical services for residents of some areas.
He said that the government is paying much attention to human development and social care in its programs.
The minister expressed his satisfaction with the level of cooperation between KFAED and Tunisia, and his keenness on promoting bilateral cooperative ties.
The project includes the rebuilding, development and equipment of 21 medical departments, including emergency ones, as well as two hospitals in 15 governorates across Tunisia.
The project, which is expected to begin in mid-2018 and will be finalized in 2021, aims to improve health and social services. (end)