KFAED offers Vietnam KD 4 mln. loan

KUWAIT, Kuwait Fund for Arab Economic Development (KFAED) and Vietnam have signed a loan agreement worth KD four million (USD 13.6 million) for financing the Multipurpose Development Project for Ethnic Minorities in Poor Communes in Xin Man District in Vietnam.

It was co-signed by Vietnamese Vice Minister of Finance Tran Xuan Ha and KAFED Deputy Director General Hesham Al-Waqayan, the fund said in a press release Monday.

The loan aims to enhance economic and social development in Xin Man District, which falls within ‘Ha Giang’ Province, by constructing and developing the essential infrastructure to improve traffic conditions and effectively use water resources in the area, as well as to restructure the local economy and contribute to poverty reduction, it said.

The project shall include construction works of rural roads and an agricultural irrigation system.

Moreover, the venture covers consultancy services, bidding documents, construction supervision, management services auditing, insurance and compensations for land acquisitions, the fund added.

KFAED has already provided 14 loans with a total amount of about KD 49.7 million (USD 168.98 million) for financing projects in various sectors in Vietnam.

Source: Kuwait News Agency