Tuesday, July 17, 2012

Kuwait serves Kenya a Sh1.4 billion loan

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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