Saturday , August 18 2018

Deal to finance road project – Kuwait signs $25.5m loan agreement with Tajikistan

KUWAIT CITY, March 20: A loan agreement was signed today in Dushanbe between the Republic of Tajikistan and the Kuwait Fund for Arab Economic Development, whereby the fund will provide a loan in the amount of 7.5 million Kuwaiti Dinars (equivalent to about $25.5 million), to the Republic of Tajikistan, to participate in the financing of the Kulyab-Kalaikhumb Road Project (Kulyab-Shurabad Section and Shkev-Kalaikhumb Section). It is worth mentioning that the fund depends exclusively on its own resources in providing its loans and development assistance.

The loan agreement was signed on behalf of the government of the Republic of Tajikistan, by Fayez Eldiin Kakhorzudh — Minister of Finance, while the loan agreement was signed on behalf of the Kuwait Fund for Arab Economic Development, by Hesham Al-Waqayan, Deputy Director-General of the fund. Yousef Al-Bader, Regional Manager for Central Asian and European Countries at the fund, attended the signing ceremony. The project aims at contributing towards social and economic development in the southeastern region of the Republic of Tajikistan through improving of the roads network by rehabilitating the two end sections of Kulyab- Kalaikhumb Corridor that will serve to reduce vehicles operating costs, and minimize the time of transport of passengers and goods.

The project comprises of the necessary civil works for the reconstruction of about 32 kilometers between Kulyab- Shurabad, and about 26 kilometers between Shkev-Kalaikhumb, with a single carriageway of 10 meters wide. The project also includes the construction of two weighing stations, the provision of maintenance equipment, support for management of the project implementation, and consultancy services for reviewing detailed design, preparing tender documents, and supervision of works. This Kuwait fund’s loan represents the 5th loan extended by the Kuwait fund to the Republic of Tajikistan, as the Kuwait fund has previously extended 4 loans to the Republic of Tajikistan, to finance projects in various sectors, with a total amount of approximately 17.492 million Kuwaiti Dinars (equivalent to about $59.47 million).

The Kuwait fund has also provided 3 Technical Assistances with an amount of about 587,000 Kuwaiti Dinars (equivalent to about $1.99 million), for the preparation of Technical and Economic Feasibility Studies for the same projects that the fund has extended loans for in the transport and energy sectors, and which Technical Assistances have been consolidated with the loans that were extended for such projects. The Kuwait fund has also provided the Republic of Tajikistan with 2 Technical Assistances in the amount of 600,000 Kuwaiti Dinars (equivalent to about $2.0 million), for financing the preparation of Technical and Economic Feasibility Studies for 2 projects in the transport and energy sectors.

Please follow and like us:

Check Also

Kuwaiti, victim of loan sharks tells story, warns others; Bangladeshi organizing illegal lottery

KUWAIT CITY, Jan 20: A Kuwaiti man recently visited the premises of Al-Rai daily to …

Translate »
Social media & sharing icons powered by UltimatelySocial