VOL. XXX

NO. 24

23-MARCH-1987

Financial and Banking News

AID FLOWS

KFAED Lends $9.6mn to Mozambique

The Kuwait Fund for Arab Economic Development (KFAED) has agreed to lendMozambique $9.6mn for the Elefantes river project. The $32mn scheme, due to becompleted at the end of 1989, will raise agricultural output through thedevelopment of about 2,740 hectares. The loan is repayable in 25 years,including a five-year grace period, and carries an annual interest rate of 1.5%plus 0.5% for administrative...