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Kuwait Fund for Arab Economic Development to allocate new loan to Uzbekistan

Finance Materials 21 July 2020 15:09 (UTC +04:00)
Kuwait Fund for Arab Economic Development to allocate new loan to Uzbekistan

BAKU, Azerbaijan, July 21

By Ilkin Seyfaddini - Trend:

Deputy Foreign Minister of Uzbekistan Furkat Sidikov held talks with Deputy Director General of Kuwait Fund for Arab Economic Development (KFAED) Marwan Al Ghanim on July 21 2020, Trend reports with reference to Ministry of Foreign Affairs of Uzbekistan.

Following the meeting in the format of a videoconference, an agreement was reached on expanding cooperation between Uzbekistan and KFAED within the framework of the fight against COVID-19, as well as on the implementation of socio-economic projects, the report says.

The Kuwait Fund for Arab Economic Development supported the Uzbek side's proposal and agreed to allocate $5.6 million to equip medical institutions in Uzbekistan as part of the fight against coronavirus.

The sides also discussed the Fund's participation in social and economic projects in Uzbekistan, particularly in construction of houses in rural areas, improvement of water supply system and provision of drinking water to population.

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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