(MENAFN) Kuwait Fund for Arab Economic Development (KFAED) announced it has signed a USD30 million loan agreement with Nicaragua for the rehabilitation of a specialized hospital in the city of Chinandega, some 134 kilometers northwest of the capital Managua, KUNA reported.
"This is the first loan agreement to Nicaragua since the establishment of diplomatic relations in 1989," the Fund's Deputy Director said after the deal was signed.
On their part, Nicaragwan officials said they welcome this agreement as a step to further already distinguished relations between the two friendly countries and a very positive for the development of their country, especially considering the recent flourishing of bilateral relations between Kuwait and Nicaragua.
The republic of Nicaragua, which s 130,000 square kilometers in size with a population of six million, is among the poorest countries in the Americas with Gross Domestic Product of about USD 18 billion.
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