KFAED signs a Loan Agreement with Bangladesh

A loan agreement was signed under which the Kuwait Fund for Arab Economic Development (KFAED) and they are providing US$ 51 million loan to Bangladesh for urban infrastructure development in 53 municipalities across the country.

The Kuwait Fund for Arab Economic Development (KFAED) signed a loan agreement with Bangladesh over a US$ 51 million loan for urban infrastructure development in 53 municipalities across the country to Bangladesh.

A loan agreement was signed under which the Kuwait Fund for Arab Economic Development (KFAED) and they are providing US$ 51 million loan to Bangladesh for urban infrastructure development in 53 municipalities across the country.

Urban Infrastructure Improvement Project was signed at the Economic Relations Division (ERD) in the citys Sher-e-Bangla Nagar area.

The integrated physical infrastructure development and socio-economic development of 53 municipalities of the project will be assured by the Local Government Engineering Department (LGED) under the Local Government Division (LGD).

The other municipality development projects and physical infrastructures like roads, drainage system bridges and culverts will also be executed.

The completion of this project will benefit the citizens with better urban facilities and good environment.

The total amount of the project is US $110 million, while KFAED will provide US $51 million and rest of the amount will be produced from the GoB portion.

Both the parties expressed by saying that the agreement would surface the way for further cooperation.

KFAED has been a constant financial support for Bangladesh against various development projects, especially in the areas of road transport and power sector since the financial year of 1974-75.