KFAED offers USD 1424 mln loans to Liberia

Kuwait Fund for Arab Economic Development (KFAED) signed here on Friday two agreements with the government of Liberia providing that the Fund will offer Liberia a loan and a loan guaranty amounting to KD four million (USD 14.241 million). The two documents were singed by KFAED's deputy Director General Ghanem Al-Ghoneiman, on one hand, and Liberia's Minister of Finance Amara Konneh and Managing Director of the National Port Authority Matilda Parker, on the other. The loan aims to revitalize the economic activities in the southeastern parts of Liberia particularly the exports of raw materials from the West African country through the Greenville Port, according to a statement issued by the Fund. The loan will help finance the rehabilitation of the port including the dredging and expansion of the port's 400-meter long quay, thus increasing its handling capacity. The loan is the Fund's second after a KD two million-worth loan; the Fund offered Liberia KD 500,000-worth grant in the form of technical assistance to the feasibility study of the Gbarnga-Mendicoma highway project.