BAKU, Azerbaijan, Nov. 29
By Fakhri Vakilov-Trend:
Delegation of Kuwait Fund for Arab Economic Development (KFAED) headed by Deputy General Director for Investment Ghanem S. Al-Ghenaiman visited Uzbekistan, Trend reports citing the press service of Uzbekistan’s Ministry of Foreign Affairs.
In the framework of the visit, organized with the assistance of Uzbekistan’s Embassy in Kuwait, the next loan agreement in the amount of $30 million was signed between Uzbekistan’s Ministry of Finance and KFAED.
These soft loans will be used to finance infrastructure projects included in the program for the construction of individual housing in rural areas in Uzbekistan, which will be implemented in the Autonomous Republic of Karakalpakstan, Kashkadarya, Samarkand, Surkhandarya, Ferghana and Tashkent regions.
Bilateral meetings of the Kuwaiti delegation with the leadership of the Ministry of Finance and the Ministry of Investment and Foreign Trade were held, during which practical issues of further development of cooperation in the financial and technical sphere through joint implementation of new social projects in Uzbekistan were discussed.
On April 5 of this year, within the framework of the Annual Meeting of the Board of Governors of the Islamic Development Bank in Marakesh, Uzbekistan and KFAED signed a Grant Agreement in the amount of $500,000 to prepare a feasibility study for the projects on improving the water supply system in the city of Kagan and the Kagan district of the Bukhara region as well as of the drinking water supply system in the Sherabad district of the Surkhandarya region.
Uzbekistan’s cooperation with the Kuwait Fund for Arab Economic Development dates back to 1997. To date, more than 10 large-scale projects in the fields of agriculture, irrigation, healthcare and education have been implemented using credit funds of the KFAED.
The Kuwait Fund for Arab Economic Development was established in 1961.
The Kuwait Fund is the first aid agency in the world to be created by a developing country.
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