KFAED to finance new road construction in Senegal
The Kuwaiti Fund for Economic Development (KFAED) recently approved a $3.25 million loan facility for the reconstruction of a main road in Senegal’s capital Dakar, reported KUNA. The loan will be repaid over 17 years with 34 installments and a 21 percent bi-annual interest rate. The loan brings the number of KFAED’s aid packages bound for Senegal to 17.
Established in 1961, the fund is the State of Kuwait’s agency for the provision and administration of financial and technical assistance to developing countries. The operations of the Fund were originally confined to Arab countries. In 1974 the scope of the Fund's activity was extended to the rest of the developing world. — (menareport.com)
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