$330 million approved
Loans finance roads and waste water treatment projects
Parliament has approved three loans, with a total value of $330 million, to finance and execute infrastructure projects, as requested by the Cabinet. Loans will have varying but low interest rates, said Nazih Najem, Chair of Public Work, Transportation, Water, and Energy Parliamentary committee.
The International Bank for Reconstruction and Development will provide the Cabinet a $200 million loan, at a 1.5 percent interest rate. The loan will finance the construction and rehabilitation of roads across the country. It includes a soft loan of $45.4 million. Najem said that the Parliament asked the Cabinet to present the final plans before implementation.
The European Investment Bank will grant an $80 million loan (€68.5 million) to rehabilitate the pathway of Nahr Al Ghadir River and initiate a waste water treatment system.
A $50 million (KWD15 million) loan, granted by Kuwaiti Fund for Arab Economic Development, will finance two waste water treatment systems in the Chouf area. The loan extends over 20 years with a five years grace period, and a 2.5 percent interest rate. The two systems will benefit 20 villages.
Date Posted: Sep 26, 2018