Financial and Banking News
AID FLOWS
KFAED Lends North Yemen $20.6mn
The Kuwait Fund for Arab Economic Development (RFAED) has agreed to lend North Yemen RD6mn ($20.6mn) to part-finance an electricity project in earthquake-stricken areas, according to an agreement signed on 25 May. The total cost of the project is $63mn. The loan is repayable in 30 years, including a five-year grace period, and carries a 2% annual interest rate plus 0.5% for administration expenses.
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