KFAED, Guinea Sign USD 12.8 Mln Loan Deal For Road Project

(MENAFN- Kuwait News Agency (KUNA)) WASHINGTON, April 25 (KUNA) -- The Kuwait Fund for Arab Economic Development (KFAED) and Guinea have signed a loan agreement estimated at KD four million (about USD 12.8 million) to fund a road project in the Guinean capital.
In a statement on Friday, the deal inked during the 2025 Spring Meetings of the World Bank Group (WBG) and the International Monetary Fund (IMF) in Washington is to finance the project in Guinea's capital, Conakry.
Guinea's Minister of Economy and Finance Mourana Soumah and Acting Director General of KFAED Waleed Al-Bahar attended the signing ceremony.
The arrangement aims to support social and economic development in Guinea through facilitating traffic to transport passengers in the capital and curb congestion on high ways, mainly during rush hours, it stated
It also contributes to achieving international sustainable development goals, especially combating poverty, creating proper job opportunities, encouraging innovation and others, it noted.
It is one of Guinean government's priorities and part of a four-intersection project planned in the capital.
This is the 15th loan provided by the fund to Guinea that are estimated totally KD 63.4 million to fund varied projects. (end)
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