KFAED, Cote d'Ivoire Sign Loan Agreement

Kuwait Fund for Arab Economic Development (KFAED) and Cote d'Ivoire's government signed an agreement by virtue of which the fund will offer the West African country a soft loan of KD 7 million ($23.8 Million) The loan will be used by Cote d'Ivoire Electricity company (CIE) to finance the construction of a power station in the southern city of Adzope, according to a statement carried by Kuwait news agency KUNA on Tuesday.

    The document was inked by KFAED's Deputy Director General Ghanim Al-Ghaniman and Ivoirian Minister of Economy and Finance Adama Kone, the statement said.

    The loan falls in the framework of the implementation of the initiative announced by Amir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah during the third Arab-African Summit in Kuwait in 2013 for backing the economic development in the African continent.

    This is the fifth soft loan offered by the fund to Cote d'Ivore; it took to KD 26.23 Million ($88.8 Million) the total value of loans to the friendly country in addition to technical assistance worth KD 250,000 ($850,000), the statement added.