Kuwait fund grants Sudan loan for dam project


 

The Kuwait Fund for Arab Economic Development on Tuesday signed an agreement to provide Sudan with a $59-million (Dh217m) loan for a dam project, the KUNA news agency said.

 

It is the second loan provided by the state-owned fund to Sudan to partially finance the Merowe Dam project. The fun provided a loan worth $113 million for the northern Sudan project in 2002.

 

The project is financed by several Arab funds and China and is due for completion later this year. It is expected to generate 1,250 megawatts of electricity.

 

The new loan will be payable over 22 years including a two-year grace period.

 

Since its establishment in the mid-1970s, the Kuwait Fund has loaned Sudan $446 million. (AFP)

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