KFAED signs KD 4 mln loan agreement to fund highway project in Madagascar

(MENAFN- Kuwait News Agency (KUNA)) Kuwait Fund for Arab Economic Development (KFAED) has signed a KD four million (approximately USD 14 million) loan agreement with Madagascar to fund a highway project in Soanierana Ivongo district. KFAED said in a statement, Friday, that the highway will link Analanjirofo region, part of Soanierana Ivongo district, with the capital Antananarivo which would greatly improve traffic flow. The three-year project will also ease off freight transport from the region to the chief seaport of Toamasina. The loan was signed by KFAED's Deputy Director General Hamad Al-Omar and Madagascar's finance minister. With this loan, Madagascar has received 6 loans with a total of KD 14.3 million (USD 48.6 million).