President Kibaki held bilateral talks with Kuwait’s Deputy
Prime Minister and Foreign Minister Sheikh Sabah Al-Khaled Al-Ahmad Al-Sabah at
the ongoing 19th African Union Summit where the two signed a Sh1.4
billion loan pact.
The loan, which is channeled from the Kuwait Fund for Arab
Economic Development (KFAED) will be used to develop schools in Nyamira and
Borabu. The Fund, finances various projects in the country including the
Katumani – Wote road, Bura Irrigation Scheme, construction of the new Wajir District
hospital and the Nuno – Modagashe road.
Kuwait’s government established Kuwait Fund for Arab
Economic Development (KFAED) to promote its development and cooperation with
other states. The Fund activities spread to 48 nations out of the 52 countries
in Africa.
In 1996, KFAED joined the World Bank and the International
Monetary Fund (IMF) to ease Africa’s debt burden, and was able to reduce for 24
African nations.
Other African nations that have recently benefited from the
Fund’s loans are Ethiopia, Uganda, Senegal, and Lesotho.
In other news:
Bank of Africa (BOA) has announced its plans of listing at the Nairobi
Securities Exchange (NSE) in order to expand local ownership.
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