KFAED Strongly Supports Development Projects In DjiboutiSource: www.export-egypt.com 11/27/2016, Location: Middle East |
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The Kuwait Fund for Arab Economic Development (KFAED) has always provided assistance to Africa through numerous projects aimed at elevating the economic status of the continent.
In regards to the fund relation with Djibouti, KFAED signed 14 agreements worth KD 78.3 million to help fund all sorts of development projects in the African country between 2004 and 2016. The last five loans saw a sum of KD 54.8 million being used to develop road projects in Djibouti. In an interview with KUNA, Anis Khaled, CEO of the company implementing projects on behalf of KFAED, said that the aim of establishing roads was to enhance transportation between the capital and other areas in order to achieve regional integration, boost economic activities, and provide social services. There was a road project, 62 kilometers in length, which was inaugurated in 2009 with a total cost of USD 27 million, said Khaled, adding that the road contributed to the promotion of trade between Djibouti and the northern areas of Ethiopia. It also enhanced social and economic development in the north provinces of Djibouti, he affirmed, adding that the fund will continue to help and support Djibouti in its quest to further develop its infrastructure and economy. In 1961, the KFAED was established to provide financial and technical assistance to developing countries. It assisted Arab and other countries in developing their economies, particularly by providing them with soft loans required for the implementation of their development programs. |
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