Kuwait grants Turkey $25 million reconstruction loan
The Kuwaiti Fund for Arab Economic Development (KFAED) is scheduled to sign a $25 million loan agreement with Turkey this week for the reconstruction of areas damaged by recent earthquakes.
The loan comes within the framework of a $400 million finance program approved by the Gulf Cooperation Council (GCC) in 1999. Kuwait is expected to contribute $132 million through KFAED to the arrangement. The Emirate’s most recent contribution will finance a sewage project in the Republic.
Turkey has received $300 million in previous contributions from KFAED including a $52 million-dollar loan to help finance the construction of roads. The Fund is Kuwait’s agency for the provision and administration of financial and technical assistance to developing countries. Originally financing projects in Arab countries only, the fund broadened its scope in 1974 to the rest of the developing world. — (menareport.com)
© 2002 Mena Report (www.menareport.com)