22 September 2010
KUWAIT -- The Kuwait Fund for Arab Economic Development announced here Wednesday the inking of two agreements in the Ugandan city of Kampala, one for a loan worth KD 3 million (USD 10.2 million) and the other a grant amounting to USD 7 million.
KFAED said in a statement today that the loan agreement came as a contribution to financing the operations project undertaken by Uganda Development Bank Ltd. from 2010 to 2014, besides signing a draft agreement between KFAED and the bank concerning the arrangements made for implementing the above-mentioned project as well as its management.
The loan agreement was signed by the Ugandan Minister for Finance, Planning and Economic Development Syda Bumba on behalf of the Ugandan government and the project agreement was signed by executive manager of the the Uganda Development Bank Ltd. Gabriel Etou, while KFAED Deputy Director general Hesham Al-Waqian signed the two accords on behalf of the Kuwaiti funding institution.
Finally, KFAED said that this project aims at contributing to economic and social development in Uganda through providing sufficient resources to finance small and medium-sized productive and service enterprises in various sectors, particularly those in the fields of agriculture and industry in what helps increase job opportunities and raise the gross domestic product (GDP) .
KUWAIT -- The Kuwait Fund for Arab Economic Development announced here Wednesday the inking of two agreements in the Ugandan city of Kampala, one for a loan worth KD 3 million (USD 10.2 million) and the other a grant amounting to USD 7 million.
KFAED said in a statement today that the loan agreement came as a contribution to financing the operations project undertaken by Uganda Development Bank Ltd. from 2010 to 2014, besides signing a draft agreement between KFAED and the bank concerning the arrangements made for implementing the above-mentioned project as well as its management.
The loan agreement was signed by the Ugandan Minister for Finance, Planning and Economic Development Syda Bumba on behalf of the Ugandan government and the project agreement was signed by executive manager of the the Uganda Development Bank Ltd. Gabriel Etou, while KFAED Deputy Director general Hesham Al-Waqian signed the two accords on behalf of the Kuwaiti funding institution.
Finally, KFAED said that this project aims at contributing to economic and social development in Uganda through providing sufficient resources to finance small and medium-sized productive and service enterprises in various sectors, particularly those in the fields of agriculture and industry in what helps increase job opportunities and raise the gross domestic product (GDP) .
© KUNA (Kuwait News Agency) 2010
