The Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement with Bangladesh totaling about KD 10 million (USD 34.2 million) for carrying out road projects in northern Dhaka.
The KFAED said in a news statement here on Monday that the deal was inked in Dhaka, the capital of Bangladesh, by KFAED's Deputy Director-General Hamad Al-Omar and Bangladesh's representative Mohammad Mesbah El-Din.
The projects aim to support social and economic development in Dhaka by decreasing traffic congestions and road fatality rates as well as to improve sewage, footpaths and traffic signs in the capital, it added.
By signing the fresh loan, the KFAED has now provided Bangladesh with about 23 loans totaling about KD 152.8 (USD 522.5 million) for financing projects that cover all sectors, the statement noted.
It also offered three technical loans worth KD 413,000 for preparing technical and economic feasibility studies to a number of projects.