Published On: Sun, Oct 12th, 2014

Kuwait offers Benin KD 3mln-loan to finance coast protection project

KFAED, Benin Agreement Signing ceremony

KFAED, Benin Agreement Signing ceremony

The Kuwait Fund for Arab Economic Development (KFAED) has signed an agreement with the government of Benin to finance an ambitious project to protect the east coast of the country with KD 3 million (USD 10.2 million) loan.
In a press statement issued Saturday, the KFAED said that the loan agreement was signed by Beninese minister of finance and economy and KFAED Director General Abdelwahab Al-Bader in a ceremony held Friday on the sidelines of the International Monetary Fund’s meeting in Washington D.C.
The project aims at the protection of land, properties, and infrastructures located along the shore, starting from Siafato breakwater in Cotonou town for a distance of about 7.5 Kilometres to the east, from the erosion caused by the ocean water currents, and to stabilize and sustain the shoreline from further erosion at the project area.

Source : KUNA Kuwait News agency

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