Kuwait Fund for Arab Economic Development provides loan to Uzbekistan

Construction Materials 9 July 2020 17:01 (UTC +04:00)

BAKU, Azerbaijan, July 9

By Ilkin Seyfaddini - Trend:

The Cabinet of Ministers of Uzbekistan adopted a resolution on measures to implement the second phase of the project on the development of engineering infrastructure and transport communications for individual housing construction in rural areas, Trend reports with reference to National Database of Legislation of Uzbekistan.

The loan on the project worth $30 million will be provided by Kuwait Fund for Arab Economic Development (KFAED) for a period of 24 years with a four-year grace period.

The resolution approved consolidated indicators for the second phase of the project, which covers rural areas of Karakalpakstan Autonomous Republic, Kashkadarya, Samarkand, Surkhandarya, Tashkent and Fergana regions.

"Qishloq Qurilish Invest LLC is assigned the project executive body that is responsible for the overall implementation of the project as well as for the targeted use of borrowed funds from the Kuwait Fund for Arab Economic Development," the report said.

The document also approved the schedule for repayment of principal, interest and other payments under the loan agreement. These project expenditures are financed from the state budget of Uzbekistan.


Follow the author on Twitter: @seyfaddini