Politics

KFAED, Suriname sign USD 17 mln loan deal

KUWAIT, Kuwait Fund for Arab Economic Development (KFAED) and Suriname have signed a loan deal worth KD five (USD 17 million) for an electricity project.

The project aims to improve living conditions of people and support commercial and economic activities, the fund said in a statement on Friday. Another agreement on managing the project was also inked between the two sides. The deal aims to finance the project of developing production, transmission and distribution of electricity system in the South American country, it added.

The loan deal was inked by KFAED’s deputy director general for operations affairs Marwan Al-Ghanim and Suriname’s deputy finance minister. The management agreement was signed by KFAED financial manager Adnan Othman and Suriname company’s technical director.

Source: Kuwait News Agency