KFAED Mauritania sign KD 6 mn loan agreement
Date
12/22/2015 9:04:58 PM
(MENAFN- Emirates News Agency (WAM))
KUWAIT 22nd December 2015 (WAM) -- The Kuwait Fund for Arab Economic Development (KFAED) will offer Mauritania KD 6 million (USD 21 million) to be used for the financing of the Deposit and Development Fund Operations Project there. The two sides signed the loan agreement here on Tuesday.
KFAED and Mauritania's Deposit and Development Fund which will undertake the Project also signed another agreement on arrangements for implementation of the project KFAED said in a statement carried by KUNA.
The loan agreement was signed by Mauritanian Minister of Economic Affairs and Development Sid Ahmed Raiss as the second was signed by Director-General of the Deposit and Development Fund Jekana Mohammado Yousef.
KFAED Director-General Abdulwahab Ahmed Al-Bader signed both agreements on behalf of the fund.
The Project aims to encourage the implementation of small and medium-sized economic enterprises (SMEs) in support of economic and social development in Mauritania.
It will provide institutional support to the Deposit and Development Fund for equipment devices and training of staff.
The Loan will be for 27 years including a grace period of 5 years and will be repaid in 44 semi-annual installments with an interest rate of 1.5 per percent per annum besides a rate of 0.5 percent per annum to meet administrative costs and other expenses incurred in the implementation of the Loan Agreement.
This is KFAED's 19th loan to Mauritania to finance projects in various sectors with a total amount of approximately KD 107 million (USD 375 million).
The fund has also offered Mauritania nine grants and technical assistances with a total amount of about KD 1.4 million (USD 4.9 Million) for financing technical and economic feasibility studies for projects in various sectors and institutional support.
In addition KFAED has administered four grants provided by the State of Kuwait to Mauritania amounting to a total of about KD 3.9 million (USD 13.8 million).
WAM/tfaham