Loan agreement to fund river bridge project

SHARM EL-SHEIKH, Egypt, Dec 9, (KUNA): The Republic of Madagascar and the Kuwait Fund for Arab Economic Development (KFAED) have inked a loan agreement worth KD 3 million ( $10 million) for funding a river bridge project.

The deal was signed by Director General of KFAED Abdulwahab Al-Bader and Madagascar’s Minister of Finance Vonintsalama Andriambololona, on the sidelines of the Africa 2018 conference kicked off Saturday in the Egyptian resort city of Sharm El-Sheikh.

The signing ceremony was attended by Madagascar’s President Rivo Rakotovao and Kuwait Ambassador to Egypt Mohammad Al-Thuwaikh. The project aims to transfer passengers and move goods as well as facilitate traffic to sell agricultural products and promote tourism.

This the seventh loan provided by KFAED to Madagascar, the other sixth ones were offered to finance some projects in different sectors. They were estimated at KD 17.2 million (about $58.5 million). The Fund also has provided one technical aid to the country evaluated at KD 130,000 about ($442,000) for a feasibility study of a project.