Monthly Archives: November 2013

19Nov/13

Kuwait Signed

Kuwait has signed USD ten-million agreements to fund Garoe Airport and Maakhir University in Somali, Kuwait Fund for Arab Economic and Development (KFAED) announced in a statement Monday.

Kuwait Fund would manage the finance of these two projects which would greatly benefit the country’s infrastructure. Funding the airport would allow it to handle air transportation, inside and outside the country, more easily and securely.

The airport project will include building plane runway, passengers building, air traffic control tower, planes parking spots, runway lighting as well as fire and rescue stations.

 

Maakhir University project, meanwhile, aims at providing higher education in all fields to produce qualified manpower who would, hence, meet market demands in the country. The project includes building campus, lecture rooms, laboratories, sports arenas, libraries, computer rooms, dormitories and other college services.

The Kuwaiti Fund previously granted four loans to Somalia that amounted, collectively, to KD 28.8 million (USD 98.1 million). These loans financed electricity and agricultural projects. Other two technical loans of KD 417,000 (USD 1.6 million) were also given to Somalia.

Source: KUNA Kuwait New Agency