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.