Financial and Banking News


KFAED Finances Road Project in Pakistan

The Kuwait Fund for Arab Economic Development (KFAED) has agreed to lend Pakistan $10mn to help finance a road project in Baluchistan province, according to an agreement signed on 25 March. The $39mn scheme is expected to be completed in 1990. 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 costs.