Wednesday, Jan 02, 2013
DUBAI (Zawya Dow Jones)--State-run Kuwait Fund for Arab Economic Development, or KFAED, has signed an agreement to provide a loan of 25 million Kuwaiti dinars ($88.88 million) to the Sudanese government to help finance an electricity project in eastern Sudan, the state-run Kuwait News Agency, or Kuna, reported Wednesday.
The loan, which will be repaid over 25 years including a grace period of four years, will carry an annual interest rate of 2% plus 0.5% per year for management expenses and contract execution services, Kuna said.
The loan agreement is the fruit of a donors' conference hosted by Kuwait, the news agency reported citing Abu Obeida Mohamed, executive director of the Eastern Sudan Reconstruction and Development Fund. He added that the project is expected to be completed in 2015.
News agency website: http://www.kuna.net.kw/ArticleDetails.aspx?id=2284657&Language=ar
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(END) Dow Jones Newswires
02-01-13 1348GMT
