KFAED to sign loan agreement with Madagascar worth KD 3.6 million

The Kuwait Fund for Arab Economic Development (KFAED) declared Saturday that it will sign a loan agreement with Madagascar for KD 3.6 million (USD 12 million).

A press release for KFAED said the loan would contribute in financing a hydroelectric station that aims at meeting the growing demand for this kind of energy.

It added that the project also aims at reducing the cost of the power energy production.

This would be the fourth KAFAED loan to Madagascar, where total loans reached KD 11.4 million, in addition to a technical aid worth KD 130,000

Kuwait News Agency (KUNA)

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