KFAED, Uzbekistan sign USD 30.5 mln loan deal

KUWAIT, Kuwait Fund for Arab Economic Development (KFAED) and Uzbekistan inked on Wednesday a loan agreement worth KD nine million (USD 30.5 million) to contribute to financing an infrastructure project for rural dwellings.

The deal signed in Uzbekistan capital, Tashkent, aims at improving living conditions of people in six provinces through setting up houses complex and providing basic services like water, gas, electricity, roads and others in these areas, KFAED said in a statement.

The project seeks also to create jobs for residents of these rural areas through backing construction work and industries related to this field in the rural areas, it added.

It aims to construct 13,312 housing units in six provinces, it said, noting that the scheme will provide commercial and commercial services as well as public utilities for these units.

This is the 10th loan provided by the fund to Uzbekistan which also obtained two technical grants worth KD 528,800 (USD 1.7 million). The previous nine grants were estimated at KD 53.9 million (USD 177.33 million).

The deal was signed by KFAED’s Deputy Director-General Ghanem Al-Ghunaiman and Uzbekistan deputy finance minister.

Source: Kuwait News Agency