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Saturday , September 21 2019

KFAED, Argentina ink loan and guarantee agreement

Fund to finance Cordoba project

Minister of Finance Dr Nayef Al-Hajraf during a meeting with the Minister of Foreign Affairs of Argentina Jorge Faurie.

KUWAIT CITY, Dec 11: A loan agreement was signed on Tuesday in Kuwait City between the Government of the Province of Cordoba and the Kuwait Fund for Arab Economic Development, whereby the fund will provide a loan in the amount of KD 15.0 mln (equivalent to about $51.0 mln), to the Government of the Province of Cordoba, to participate in the financing of “Cordoba’s Main Aqueduct Plan” Project, in the Province of Cordoba.

Also, a Guarantee Agreement for the loan (Guarantee Agreement), was also signed between the Republic of Argentina and the Kuwait Fund for Arab Economic Development. It is worth-mentioning that the Fund is a Kuwaiti public corporation which relies entirely on its own resources for making loans and providing other kinds of development assistance.

The Guarantee Agreement was signed on behalf of the Republic of Argentina, by His Excellency Jorge Marcelo Fauri, Minister of Foreign Affairs, and the Loan Agreement was signed on behalf of the Government of the Province of Cordoba, by His Excellency Juan Schiaretti, Governor of the Province of Cordoba, while the Guarantee Agreement was signed on behalf of Kuwait Fund for Arab Economic Development by His Excellency Sheikh Sabah Khaled Al-Hamad Al-Sabah, Deputy Prime Minister and Minister of Foreign Affairs, Chairman, Board of Directors of Kuwait Fund for Arab Economic Development and the Loan Agreement was signed on behalf of the Kuwait Fund for Arab Economic Development, by Ghanem Sulaiman Al-Ghenaiman, deputy director-general of the fund.

The Project aims at supporting the socio-economic development in Cordoba Province, by sustainably meeting the increasing demand for potable water in about 26 villages through developing water supply systems to provide adequate quantities of water in the Project area.

The Project consists mainly of civil, electrical, and mechanical works required to construct new water supply systems as well as expanding the capacity of existing ones. This includes extending aqueducts for transmission of potable water, and constructing and increasing the capacity of water treatment plants and pumping stations, and consulting services.

This Kuwait Fund’s loan represents the 5th loan extended by the Kuwait Fund to the Republic of Argentina, as the Kuwait Fund has previously extended 4 loans to the Republic of Argentina, to finance projects in the transportation sector, and in the water and sanitation sector, with a total amount of approximately KD 54.93 mln (equivalent to about $186.76 mln).

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