KFAED signs USD 35.4m loan for Mauritanian road network.

The Kuwait Fund for Arab Economic Development ( KFAED ) signed a loan agreement worth KD 10 million (USD 35.4 million) for a major causeway in Mauritania.The agreement, which will fund the Nema-Fasala Nere causeway, was signed at Mauritania’s capital of Nouakchott by its Minister of Economic and Development Affairs Sidi Ould Tah and the KFAED ‘s Deputy Director General Hamad Al-Omar.

 The 135km-long causeway project will aim to support economic and social development in Mauritania through responding to the local demand of logistic and transport services and limiting its costs, according to a KFAED statement.

 The project will also link the Port of Nouakchott to the border crossing at northwestern Mali.The project includes consultancy and supervision fees, the complete construction of the road with all materials covered, along with an adequate sewage system and traffic regulators.Before this loan, Kuwait had presented to Mauritania another 16 loans worth a total KD 88.3 (USD 313 million).

 The KFAED has also handed Mauritania four grants worth a total KD 3.95 million (USD 14 million) for housing, drinking water and health projects, in addition to providing technical assistance worth KD 1.4 million(USD 5 million) for feasibility studies on several areas.

 

Via : Kuna

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