KFAED inks KD 8 mln loan agreement with Guinea

KUWAIT, June 21 (KUNA) -- The Kuwait Fund for Arab Economic Development (KFAED) signed on Thursday a loan accord worth KD eight million (approx. USD 26.4 million) with the Republic of Guinea.
KFAED said in a statement the lent money would fund a road project in the capital, Conakry, adding that the venture would help in easing off the capital daily traffic congestion and link it to urban regions.
It envisages construction of four overland intersections, roundabouts and four tunnels. The loan will also cover expenses of related tasks such as auditing, engineering and supervision.
The loan is the 14th given by KFAED to the African nation. The previous ones totaled KD 56.5 million (USD 186.9 million).
KAFED was established in 1961 to assist Arab and developing countries in overhauling their economies and support Kuwait's foreign policy, designed to bolster its status among nations of the globe. (end) skm.msa.rk