KFAED signs US$ 14 mn loan agreement to fund highway project in Madagascar

WAM KUWAIT, 27th Dec. 2013 (WAM) -- 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).



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