A Loan Agreement Between The Kuwait Fund For Arab Economic Development
Category: Kuwait
-a-loan-agreement-between-the-kuwait-fund-for-arab-economic-development_kuwait
Immigrate to Canada or Australia
Study In Abroad

 A Loan Agreement between the Kuwait Fund for Arab Economic Development and the Government of the People’s Republic of Bangladesh has been signed today in Dhaka whereby the Kuwait Fund extends a Loan in an amount of KD 15,000,000/- (equivalent to about US$ 51 million) to participate in the financing of Urban Infrastructure Improvement Project.

It is worth mentioning that the Fund is a Kuwait Public Corporation which relies entirely on its own resources for making loans and providing other kinds of development assistance.

The Loan Agreement was signed by H.E Kazi Shofiqul Azam – secretary, ministry of finance , on behalf of the Government of the People’s Republic of Bangladesh, and Hamad Al-Omar, Deputy Director-General of Kuwait Fund for Arab Economic Development on behalf of Kuwait Fund in attendance of His Excellency Adel Mohammed Hayat, Ambassador of the State of Kuwait to Bangladesh and Waleed Al-Bahar, Regional Manager for East, South Asia and Pacific Countries..
 
The Project aims to contribute to enhance the economic and social development of Bangladesh by improving the standard and quality of civic facilities in the Project areas and enhance the quality of life of the dwellers thus contributing to the improvement of urban living standard and fostering economic mobility of the people of the 53 small and medium towns in Bangladesh.

;

The Project consists of the necessary works for the urban development in 53 Municipalities, and it will include the construction of urban roads, longitudinal surface drains, culverts and bridges for water drainage, public transport passengers sheds, public toilets, vegetables and agricultural products markets sheds, public parks and playgrounds, supply and installation of streets lighting, preparation of solid waste dumping areas, supply and installation of wastebaskets, provision of non-motorized vehicles for waste transport, and the necessary consultancy services for the preparation of detailed engineering designs, tender documents, and supervision of construction, provision of a project management unit, institutional support which includes supply of site vehicles, motor cycles, computers, photocopying machines, fax machines, in addition to training of technical personnel of LGD, LGED, and the Municipalities which will manage the Project.

The Project is expected to be completed by the end of 2021. Total cost is estimated about 9,931 Million Taka, equivalent to about KD 37 million of which about 5,790 million Taka equivalent to about KD 21.56 million and representing about 58% of the total costs, are in foreign currency.

The Fund’s Loan will cover about 40.6% of the cost of the Project while the Government of Bangladesh will cover the remaining costs of the project. The Loan matures over a period of 22 years including 5 years grace period, and will be amortized in 34 semi-annual installments, the first of which will be due on 1st date on which any interest or other charge on the Loan will fall due after the elapse of the above-mentioned grace period.

The Loan bears an interest rate at 1.5% per annum, in addition to 0.5% per annum to cover administrative costs and other expenses incurred in the implementation of the Loan Agreement. By signing this Loan Agreement, the Fund will have provided 24 loans to the People’s Republic of Bangladesh, where the Fund previously provided 23 loans totaling about 166.21 million Kuwaiti Dinars, equivalent to about $556.1 million to participate in the financing of projects in various sectors.

;

The Fund also extended to the Government of the People’s Republic of Bangladesh 3 technical assistances, in the total amount of about KD 423 thousand, to financing of feasibility studies of projects in the transport sector. The Fund also administered State of Kuwait’s Grant of $10 million from the resources of Kuwait Goodwill Fund, which was established, in order to assist Islamic countries in their endeavours to achieve food security and assure the basic right to food to their people.

 

SOURCE : ARABTIMES

28 Mar, 2018 0 375
Posted Comments
Popular News
termination-without-reason_kuwait
Termination Without Reason I have a concern about my current situation here in my work. They terminated me without any reason and as far as I remember I don’t have any issue or violations from their rules and regulations ... October 11, 2019 5 12473 Category: Legal
professions-exempted-from-salary-requirement-to-sponsor-family-visa_kuwait
Professions Exempted From Salary Requirement To Sponsor Family Visa My husband is working as a nurse in industrial area and his basic salary is KD 450. According to new rule is he eligible to apply for a family visa? In case if he is not eligible for family visa, if I... October 13, 2019 2 8552 Category: Legal
kuwait-zoo-released-winter-visiting-hours_kuwait
Kuwait Zoo Released Winter Visiting Hours The Public Authority for Agricultural Affairs and Fish Resources (PAAAFR) announced starting in October the visiting hours to the zoo in winter will be from 8 am to 8 pm including public holidays... October 13, 2019 0 2427 Category: Kuwait
mystery-still-surrounds-the-direct-contract-of-50-million-kd-awarded-to-maintain-jaber-bridge_kuwait
Mystery Still Surrounds The ‘direct Contract’ Of 50 Million KD Awarded To Maintain Jaber Bridge Mystery still surrounds the direct contract that the Ministry of Public Works is seeking to conclude with the Hyundai Engineering and Construction Company, reports Al-Rai daily. The contract is wor... October 11, 2019 1 1872 Category: Kuwait
mosa-has-issued-an-administrative-decree-to-stop-the-transfer-of-employees_kuwait
MOSA Has Issued An Administrative Decree To Stop The Transfer Of Employees The Undersecretary of the Ministry of Social Affairs Abdulaziz Shuaib has issued an administrative decree to stop the transfer of employees between the organizational units in the various sectors of t... October 10, 2019 1 1647 Category: Kuwait
kuwaiti-child-died-in-jaber-al-ali-after-he-was-run-over-by-a-car_kuwait
Kuwaiti Child Died In Jaber Al- Ali After He Was Run Over By A Car A Kuwaiti child born in 2011 died in Jaber Al- Ali after he was run over by a car driven by a Kuwaiti man, reports Al- Anba daily. During interrogation at the area police station the Kuwaiti said the ... October 11, 2019 2 1081 Category: Crime News
idol-used-in-a-religious-ritual-probed_kuwait
Idol Used In A Religious Ritual Probed Acting on information security officers visited the Acid Gas Removal Unit, a building under construction located in Ahmadi province, to inspect an idol likely to be been left behind by non-Muslims and... October 11, 2019 3 865 Category: Crime News
hot-chase-to-seduce-a-girl-in-hawalli-area_kuwait
Hot Chase To Seduce A Girl In Hawalli Area A Kuwaiti girl lodged a complaint against a youth who gave her a hot chase on a road in Hawalli area after failure to seduce her. She reported the incident to officers at the area police station and p... October 10, 2019 1 793 Category: Crime News
women-to-be-paid-salaries-without-going-to-office_kuwait
Women To Be Paid Salaries Without Going To Office The proposal which was submitted recently to pay ‘deserving’ women their salaries without going to office has mixed reactions, reports Al-Anba daily. While the writer and researcher in ... October 14, 2019 1 776 Category: Kuwait
winter-season-will-begin-in-first-week-of-november_kuwait
Winter Season Will Begin In First Week Of November Astronomer Adel Al-Saadoun has predicted that the winter season will begin in the first week of November, reports Al-Rai daily. Al-Saadoun has negated what has been published by some sources that Kuwa... October 13, 2019 0 751 Category: Weather in Kuwait
View All
Popular Offers
carrefour-anniversary-offers in kuwait
Carrefour Anniversar...
lulu-hypermarket-shopping-deals in kuwait
Lulu Hypermarket Sho...
xcite-electronics-best-offers in kuwait
Xcite Electronics Be...
grand-hyper-grand-sale-best-offers in kuwait
Grand Hyper Grand Sa...
grand-hyper--beauty-fest- in kuwait
Grand Hyper Beauty ...
Popular Events
22 Nov, 2019
0
56
Category : Entertainment
08 Nov, 2019
0
54
Category : Entertainment
31 Oct, 2019
0
51
Category : Entertainment
02 Nov, 2019
0
50
Category : Food & Drink
01 Nov, 2019
0
47
Category : Entertainment
Kuwait Local News
Kuwait News
Crime News New Rules Entertainment
Entertainment