Waleed Al-Bahar and Bruno Gallardo exchanging mementos
KUWAIT CITY, Aug 26: The Kuwait Fund for Arab Economic Development (KFAED) signed Tuesday a loan agreement with the Republic of Nicaragua worth KD 4 million (approximately USD 13 million) to contribute to financing the construction of the Prinzapolka Bridge on the Rio Blanco – Siuna Highway. In a press statement, the Fund said the project entails the construction of a bridge over the Prinzapolka River with an approximate length of 115 meters. The Fund noted that the project aims to support economic and social development by enhancing commercial and investment opportunities in key sectors such as agriculture, livestock, mining, light industries, services, tourism, and trade. It added that the project is expected to reduce vehicle operating costs and travel time for both cargo and passenger transport by bypassing urban congestion, while also improving road safety for all users.
Acting Director General of the Kuwait Fund for Arab Economic Development Waleed Al-Bahar and Nicaragua’s Minister of Finance and Public Credit Bruno Gallardo in a group photo
According to the statement, the loan will cover approximately 76 percent of the total project cost and will be repaid over a period of 20 years, including a four-year grace period. The loan carries an annual interest rate of two percent in addition to a 0.5 percent annual service charge to cover administrative and implementation expenses. The Fund indicated that this marks its third loan to Nicaragua, having previously extended two loans totaling approximately KD 10.13 million (about USD 33.42 million) to finance the construction and equipping of the Chinandega Departmental Hospital in the healthcare sector. The agreement was signed by Acting Director General of the Kuwait Fund for Arab Economic Development Waleed Al-Bahar and Nicaragua’s Minister of Finance and Public Credit Bruno Gallardo. Established in 1961, the Kuwait Fund aims to assist Arab countries in their development efforts. It later expanded its activities in 1974 to include African countries, thus providing financing to both Arab and African nations.(KUNA)
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