Loan Deal: Kuwait to Finance Kenya’s Highway Project

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Enterprise Television- Loan Deal: Kuwait to Finance Kenya’s Highway Project

The Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement of 23.8 million dollars (7 million Kuwaiti dinars) to finance a Kenya major highway.

The loan, the sixth of its kind to Kenya, was in line with Kuwait’s initiative during the Arab-African summit in November 2013, KFAED said in a statement on Wednesday.

Kuwaiti Emir, Sheikh Sabah Al-Sabah, decided to provide 1 billion dollars of easy loans to development projects in Africa in five years at the summit.

The fund said the 156-km-long highway project would support economic and social development in North Eastern Kenya.

It will also improve transport efficiency between Kenya and its neighbouring countries.