Kuwait to give USD 10 mln in loans to Somalia

Friday, October 11, 2013

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KUWAIT (KUNA) -- Kuwait has signed USD ten-million loan agreements to fund Garawe Airport and Maakhir University in Somali, Kuwait Fund for Arab Economic and Development (KFAED) announced in a statement Monday.

Kuwait Fund would manage the finance of these two projects which would greatly benefit the country's infrastructure. Funding the airport would allow it to handle air transportation, inside and outside the country, more easily and securely.

The airport project will include building plane runway, passengers building, air traffic control tower, planes parking spots, runway lighting as well as fire and rescue stations.

Maakhir University project, meanwhile, aims at providing higher education in all fields to produce qualified manpower who would, hence, meet market demands in the country. The project includes building campus, lecture rooms, laboratories, sports arenas, libraries, computer rooms, dormitories and other college services.

The Kuwaiti Fund previously granted four loans to Somalia that amounted, collectively, to KD 28.8 million (USD 98.1 million). These loans financed electricity and agricultural projects. Other two technical loans of KD 417,000 (USD 1.6 million) were also given to Somalia. (end) fnk.tb.nfm KUNA 071906 Oct 13NNNN

Source: KUNA

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