Financial and Banking News

AID FLOWS

KFAED Lends $23mn for Syrian Electric Power Network 

The Kuwait Fund for Arab Economic Development (KFAED) has agreed to lend Syria $23mn to finance an expansion of the Meherda power station, according to an agreement signed on 19 May. The project will cost a total of $192mn and will add two 165 megawatt steam units, with work scheduled for completion in 1987. The loan is repayable in 20 years, including a four-year grace period, and carries an...