The official Kuwaiti news agency KUNA, reported on Wednesday March 21, that the Kuwait-based Arab Fund for Economic and Social Development (AFESD) signed an $82 million loan with Sudan.
The loan will be repayable over 25 years, carrying a three percent interest and having a seven-year grace period. The purpose of the loan is primarily to finance the construction of a road between Khartoum and the country's main harbour, Port Sudan.
The loan was signed in Kuwait by the chairman and director general of AFESD, Abdul-Latif al-Hamad, and the Sudanese minister of finance and national economy, Abdul Rahim Mahmud.
AFESD is a multilateral Arab development organization established in 1974, which has since lent more than $550 million to Sudan for various development projects. — (Albawaba-MEBG)
© 2001 Mena Report (www.menareport.com)