KUWAIT CITY, Jan 28: A loan agreement between the Republic of Benin and the Kuwait Fund for Arab Economic Development has been signed today in Cotonou, whereby Kuwait fund extends a loan in an amount of 5 million Kuwaiti Dinars, equivalent to about US $17 million, to participate in the financing of the water supply in Three Cities Project.
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 loan agreement was signed by Romuald Wadagni – minister of economy and finance of the Republic of Benin, on behalf of the Republic of Benin, and Nedhal Abdulaziz Alolayan, Deputy Director-General of Kuwait Fund for Arab Economic Development, on behalf of Kuwait fund in attendance of Thamer Al-Failakawi, Regional Manager, West African Countries at the fund.
The project aims to support the socio-economic development in three cities, namely Boukoumbe, Cove, and Zagnanando, through the expansion and rehabilitation of the existing water supply systems, to provide adequate and sustainable quantities of water to meet the increased water demand, thus improving the health and social conditions of the residence at the project area.
The project consists mainly of the civil and electromechanical works, which include construction of new borehole wells, distribution networks, storage reservoirs, pumps, and house connections. The project also includes the consulting services and the institutional support.
The signing of this loan brings to 14 the number of loans extended by Kuwait Fund to the Republic of Benin, where the fund previously provided 13 loans totaling about 36 million Kuwaiti Dinars