Arab Fund to finance Sudan road construction

Published March 22nd, 2001 - 02:00 GMT

The Kuwait-based Arab Fund for Economic and Social Development (AFESD) on Wednesday, March 21, signed a loan worth $82 million with Sudan, the official news agency KUNA reported. 

 

The loan, repayable over 25 years with three-percent interest and a seven-year grace period, will help finance the construction of a road between Khartoum and the country's main harbor, Port Sudan. 

 

The loan was signed in Kuwait by AFESD chairman and director general Abdul-Latif Al-Hamad and the Sudanese minister of finance and national economy, Abdul Rahim Mahmud. 

 

AFESD, a multilateral Arab development organization that began operations in 1974, has now lent more than 550 million dollars to Sudan to finance development projects. — (AFP, Kuwait City) 

 

© Agence France Presse 2001

© 2001 Mena Report (www.menareport.com)

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