KUWAIT INKS 26.45 MLN USD LOAN DEAL WITH GUINEA

Kuwait signed a loan agreement worth 8 million Kuwaiti dinars (26.45 million U.S. dollars) to fund a road project in Conakry, capital of the Republic of Guinea, the Kuwait News Agency (KUNA) said Friday.

The agreement, signed on Thursday by Kuwait Fund for Arab Economic Development (KFAED), includes construction of four overland intersections, roundabouts and four tunnels, which would help ease Conakry’s daily traffic congestion, KUNA said.

The loan will also cover expenses of related tasks such as auditing, engineering and supervision, KUNA said.

Founded in 1961, the KFAED is Kuwait’s agency for the provision and administration of financial and technical assistance to developing countries.

Source: NAM News Network