Kuwait signs $25.5mn loan deal with Tajikistan

KUWAIT: Kuwait has struck a loan agreement with Tajikistan worth 7.5 million Kuwaiti dinars (25.5 million US dollars) to repair roads in the central Asian nation, the Kuwait News Agency said Tuesday.

The Kuwaiti Fund for Arab Economic Development (KFAED) hoped the project would be instrumental in bringing economic growth to southeastern Tajikistan, where dilapidated infrastructure has impeded the movement of people and goods.

The endeavor entails reconstruction of sprawling roads stretching over 32 km, in addition to building a pair of weigh stations, the statement said.

KFAED has previously provided Tajikistan with a quartet of loans at a cost of 17.2 million dinars (57 million dollars) in a bid to usher overall development to the country.

Founded in December 1961, the KFAED is the Kuwait's agency for the provision and administration of financial and technical assistance to developing countries.