Total loans to Sierra Leone reach KD 32 mln: KFAED

KUWAIT, Kuwait Fund For Arab Economic Development (KFAED) said Thursday that the total number of loans granted to the Republic of Sierra Leone since 1989 reached nine, totaling KD 32.7 million (USD 111 million).

In a press release, KFAED said that KD 25.2 million (USD 82 million) had been withdrawn from the total amount of loans by 77 percent, while KD 6.5 million (USD 21 million) had been paid, accounting for 25 percent.

The transport sector is one of the most funded by KFAED in supporting the economic and social development in Sierra Leone, said the regional director of the West African countries in KFAED Eng. Thamer Al-Failakawi.

It also provided three technical aid to support the development efforts in Sierra Leone worth KD 449,000 (USD 1.5 million), in addition to KD 911,000 (USD 3 million dollars) grant from Al-Hayat Al Karima Fund, he added.

Cooperation between KFAED and Sierra Leone started in 1989 during the signing of the first agreement to finance the Waterloo-Kent road.

The cooperation includes transport and health sectors.

Source: Kuwait News Agency