KFAED lends Sudan for power project

Kuwait Fund for Arab Economic Development (KFAED) and the government of Sudan signed here on Wednesday a loan agreement for KD 25 million (USD 85 million) which the latter will use to finance a power project supplying electricity to three eastern provinces in the country. The agreement was signed on behalf of the Sudanese government by the minister of finance and economy Ali Abdulrasoul and on behalf of KFAED by its director general Abdulwahab al-Bader. The loan will be used to provide electricity to about 660,000 people living in the eastern provinces, said the minister as he praised KFAED for its contributions to myriad industrial, agricultural, and service-based Sudanese projects. On his part al-Bader indicated his satisfaction at the completion of the roseires dam elevation project in Sudan to which KFAED was a major contributor. Duration of the KD 25 million is 25 years with a four-year grace period, payable over 42 half-yearly installments with an annual interest rate of 2 percent. This is the third loan Sudan gets from KFAED whose past loans to the country topped KD 202.4 million (or USD 688 million). Moreover KFAED has advanced three grants to Sudan to the tune of USD 1.2 million. The government of Kuwait, furthermore, through KFAED, has granted Sudan USD 50 million to go toward financing health and education projects in eastern Sudan.