Financial and Banking News


FAED Lends $9.7mn to Cyprus

Under an agreement signed last week in Kuwait, the Kuwait Fund for Arab Economic Development (KFAED) will extend a KD2.94mn ($9.69mn) loan to Cyprus to help finance the first phase of the South Conveyor Water project, which will provide irrigation and water supplies in the southern part of the island. The loan, which carries interest at 5% plus a service charge of 0.5%, is repayable in 20 semiannual installments starting in...