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Kuwait fund inks amended accord for granting Yemen USD 40 million.

KUWAIT, Nov 8 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) on Thursday signed an amended agreement for using a KD 12 million (USD 40 million) grant with Yemen to contribute to funding Ma'reb power plant. KFAED said in a statement that the project aims at elevating capacity and preparedness of the power units at the station and increasing units' capacity to cope with local demand. The modification decision came in line with the cabinet resolution 5/2013 (January 28, 2013). KFAED was established as a Kuwaiti fund on December 31, 1961, for providing financial and technological aid to Arab and developing states, as a back up for Kuwait's foreign policy -- with aim of bolstering the state global status. (end) skm.rk

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Publication:Kuwait News Agency (KUNA)
Geographic Code:7KUWA
Date:Nov 8, 2018
Words:136
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