Mubasher: The Kuwait Fund for Arab Economic Development (KFAED) on Monday signed a KWD 5 million ($16.50 million) loan agreement with Benin to finance water projects in three cities.
The GCC nation’s fund said that the deal aims to support economic and social development in the three African cities by expanding and refurbishing the existing water system to provide sufficient and sustainable water supplies.
The latest financing brings KFAED’s loans to the West African nation to 14 at a combined value of KWD 36 million ($118.83 million) injected into financing transport, water and energy projects.
Moreover, KFAED provided a KWD 300,000 financial support to Benin to conduct feasibility studies for two transport projects.
The Kuwaiti fund signed last Monday a KWD 9 million ($30 million) loan agreement with the People's Republic of China to contribute to financing the expansion of the Second People's Hospital of Guiyang.
