Financial and Banking News


KFAED Lends $22.5mn for Turkish Rail Project

The Kuwait Fund for Arab Economic Development (KFAED) has agreed to lend Turkey $22.5mn to part-finance the modernization and expansion of the country's rail system and establish a rail-manufacturing plant. The loan is repayable in 19 years, including a four-year grace period, and carries a 5% annual interest rate.