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Monday , October 25 2021

Arab Fund signs KD 30mn loan deal for Tunisian dam projects

Bid to prop up strategic dam projects

The Kuwait-based Arab Fund for Economic and Social Development signed a KD 30 million loan for the Tunisian government

TUNIS, Jan 29, (KUNA): The Kuwait- based Arab Fund for Economic and Social Development (AFESD) on Monday signed a KD 30 million ($ 100 million) loan for the Tunisian government, meant to prop up strategic dam projects for provinces in the northwest. The plan will respond to the growing demand for water intended for agricultural purposes and will ensure flood protection in northwestern towns.

AFESD and Tunisia have maintained close cooperation over the years, the fund’s chairman Dr Abdullatif Al-Hamad told the press on the sidelines of the signing ceremony, citing the pan- Arab financial institution’s immense contributions towards development in the North African nation.

Highlighting the project’s significance, Tunisian Minister of Development, Investment and International Cooperation Zied Laadhari said it aims to fix a dearth of water in some impoverished areas. The marquee project is also crucial because it has “positive implications for the economy,” the Tunisian minister pointed out, describing the Arab fund as a “trusted financial partner.”

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