The Kuwait Fund for Arab Economic
Development (KFAED) sealed a loan agreement worth KD 5 million (around $17
million) to Cameroon yesterday. KFAED’s Deputy Director-General Nedhal
Al-Olayan and Cameroonian Minister of Economic Alamine Ousmane Mey signed the
agreement.
The deal was signed in the
Cameroonian capital of Yaoundé, and the loan will be used in bankrolling a road
project in this African country, the fund said in a press release. The project
is intended to spur and stimulate economic and social development in Cameroon
by means of revamping the road network in central and southern provinces, it
said.
The loan makes up roughly 19
percent of the project’s total costs estimated at KD 26 million ($88.4
million), according to the release. It is the eighth loan provided by the KFAED
to Cameroon as it had offered seven loans valued at a total KD 33 million ($78
million), it said, adding that the duration of the loan is 22 years with a
grace of five years.
Kuwait Fund for Arab Economic
Development (KFAED) is the first institution in the Middle East that took an
active role in the international development efforts. The Kuwait Fund extends
Loans on concessionary term to finance development projects in the developing
countries. The Fund also provides technical assistance to finance the costs of
the feasibility studies of projects, as well as the training of nationals of
the borrowing countries.
15, January 2020
Kuwait extends KD 5 million loan to Cameroon 0
The Kuwait Fund for Arab Economic Development (KFAED) sealed a loan agreement worth KD 5 million (around $17 million) to Cameroon yesterday. KFAED’s Deputy Director-General Nedhal Al-Olayan and Cameroonian Minister of Economic Alamine Ousmane Mey signed the agreement.
The deal was signed in the Cameroonian capital of Yaoundé, and the loan will be used in bankrolling a road project in this African country, the fund said in a press release. The project is intended to spur and stimulate economic and social development in Cameroon by means of revamping the road network in central and southern provinces, it said.
The loan makes up roughly 19 percent of the project’s total costs estimated at KD 26 million ($88.4 million), according to the release. It is the eighth loan provided by the KFAED to Cameroon as it had offered seven loans valued at a total KD 33 million ($78 million), it said, adding that the duration of the loan is 22 years with a grace of five years.
Kuwait Fund for Arab Economic Development (KFAED) is the first institution in the Middle East that took an active role in the international development efforts. The Kuwait Fund extends Loans on concessionary term to finance development projects in the developing countries. The Fund also provides technical assistance to finance the costs of the feasibility studies of projects, as well as the training of nationals of the borrowing countries.
Source: Kuwaiti Times