Kuwait signs 78 mln USD-loan deals with Bangladesh, Djibouti

KUWAIT CITY, March 27 (Xinhua) -- Kuwait signed two loan agreements with Bangladesh and Djibouti, about 78 million U.S. dollars, for financing development projects in the two countries, the Kuwait Fund for Arab Economic Development (KFAED) said Tuesday.

The project in Bangladesh estimated at 15 million Kuwaiti dinars (about 51 million dollars) aims to contribute to the enhancement of social and economic development through improving facilities in 53 areas, KFAED said in a statement.

It includes execution works required to the urban infrastructure development containing the establishment of bridges, roads, umbrellas on roads and others, it said, expecting that the scheme is expected to end by 2021.

Concerning the deal with Djibouti, the project seeks to set up a power plant to meet demands for electricity in order to lessen power cuts and importing of fuel and electricity, the statement said.

The plan also includes the digging of 10 wells for producing vapors and power plants empowered by thermal power.

Founded in Dec. 1961, the KFAED is the Kuwait's agency for the provision and administration of financial and technical assistance to developing countries. Enditem