LOC13:33
10:33 GMT
KUWAIT, Oct 13 (KUNA) -- A loan agreement, worth KD 12 million (USD 40.8 million), was signed between Kuwait Fund for Arab Economic Development (KFAED) and Senegal, said a statement Friday.
According to KFAED, the loan will be geared towards developing a highway project in Senegal.
The 105 kilometers road will develop transportation, commerce, and cargo services in Senegal, stated KFAED.
This is the 30th loan by KFAED to the African country. The total amount of KFAED loans to Senegal have reached KD 110 million (USD 374 million). The Kuwaiti fund has offered three technical loans worth KD 582 million (USD 1.9 million).
KFAED was founded in December 31, 1961 as an entity aimed at providing assistance and support to world countries within the development domain. (end)
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