KFAED provides USD 25 mln loan to Laos |
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KUALA LUMPUR -- Kuwait Fund for Arab Economic Development (KFAED)Kuwait Fund for Arab Economic Development (KFAED)
signed Thursday, in Vientiane, an agreement on providing the first loan to Laos, at value of KD 7.53 million (about USD 25 million), to assist it in funding an electricity project.KFAEDKFAED
and Laos also signed another agreement on the execution of the project.The first agreement was signed by KFAEDKFAED
Deputy Director General Hisham Al-Wugayan and Laos's Finance Minister Somdy Douangdy with the attendance of Kuwait's Ambassador to Thailand and Non-Resident Ambassador to Laos Hafeeth Al-Ajmi, KFAED Southeast Asia regional director Waleed Al-Bahar, and Advisor at Kuwait Embassy in Thailand Ayada Al-Saeedi.Meanwhile, the second agreement was signed by general director of Laos Electricity Company with the attendance of Laos's Energy and Mining Minister.
In remarks to KUNA, Al-Wugayan said Thursday that the loan agreement was one of the results of the visit of His Highness the Prime Minister of Kuwait Sheikh Nasser Al-Mohammad Al-Ahmad Al-Sabah to Laos in 2008, adding that the agreement would strengthen relations between the two countries in all fields.
The project aims to provide electricity to about 70 percent of the population of Laos's northern provinces, in addition to providing electricity for small and medium industries until 2020. It also aims to enable the transfer and export of electricity to neighboring countries.
The project involves the establishment of an electricity line links to power plants, the construction of a new electricity transfer station and electricity networks, the expansion of two electricity transfer station, and the provision of counseling and support.
The project's total cost, including taxes and fees, is about KD 9.44 million (USD 21.39).
KFAEDKFAED
's loan provides around 77.8 percent of the total cost of the project and would be paid back in 24 years.In 2008, KFAEDKFAED
agreed to provide technical support, at cost of KD 100,000, that involved conducting technical and economic feasibility studies on a project to develop one of Laos's irrigation facilities. By Abdullah Buqos
© KUNA (Kuwait News Agency) 2010
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Many thanks to the Kuwaiti citizens for helping out people of my motherland. I was awarded US Army Kuwait Liberation Medal for taking part in liberate Kuwait in 1991. I'd also lived and worked in Kuwait for 2 years as a defense contractor before I was transfered to Qatar
Regards,
Lao-American [Report Abuse | Email to a Friend | Reply to this Comment]
Dear Sirs
By personality, I have very Happy to heard this news and I want
to conveys my thanks to KUWAIT People and Government or all
Arab Country to share their wealthy from Nature Resources to
use for friendship with other country and in the same time I agreed with KUWAIT to invest for product the irrigation,too
and My friend work in Lao Embassy In KUWAIT after the an
Importance Visiting of the two country high ranking exchange
and next time if I have more time I want to visit your country, I love this country , we are riends and we will good things for the future and if have some Kuwaitian who want to start to do some thing in Lao PDR, please contact us , we will do the best
start from small to large business ( We are friendly )
Best Wishing You
Sanasinh BOUNTHONE [Report Abuse | Email to a Friend | Reply to this Comment]