Washington: The Kuwait Fund for Arab Economic Development (KFAED) and Guinea have successfully signed a loan agreement valued at KD four million (approximately USD 12.8 million) to support a road project in Conakry, the capital of Guinea. This agreement was finalized during the 2025 Spring Meetings of the World Bank Group and the International Monetary Fund in Washington.

According to Kuwait News Agency, the signing ceremony was attended by Guinea’s Minister of Economy and Finance, Mourana Soumah, and the Acting Director General of KFAED, Waleed Al-Bahar. The primary objective of this loan is to enhance social and economic development in Guinea by improving traffic flow and reducing congestion in Conakry, particularly during peak hours. The project is also aligned with international sustainable development goals, focusing on poverty reduction, job creation, and fostering innovation.

The road project is a key priority for the Guinean government and forms part of a broader initiative to develop four major int
ersections in Conakry. This loan marks the 15th financial contribution from KFAED to Guinea, with total loans amounting to KD 63.4 million dedicated to various development projects.