KFAED signs loan agreement with N Korea
Kuwait - KUNA
Kuwait Fund for Arab Economic Development (KFAED) signed on Wednesday a KD six million (around USD 20.4 million) loan agreement with North Korea to finance a new road project in Pyongyang. KFAED said in a statement that the proposed project aims at supporting the social and economic development in the northern part of the country, including improving transportation level and traffic. The agreement was signed by North Korean Vice Minister of Municipal Management Kim Song Hak and KFAED Deputy Director-General Hesham Al-Waqian. Officials at the ceremony said that this was KFAED's third loan to the republic, the previous ones were totaling KD 12.4 million.
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