Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement with Sri Lanka yesterday at a value of KD 10 million (about $34 million) to contribute to financing construction of a complex for the Faculty of Healthcare Sciences, Eastern University.

The project aims at enhancing the socio-economic living standards of the people of Sri Lanka, through construction of the new Faculty of Health Care Sciences in Batticaloa City, and provision of quality health care services to the community, KFAED said in statement. The venture includes construction and equipment of the main building, various service structures, internal feeder roads, furniture, research, medical and technical equipment and internet services.

It also includes consultancy services for detailed designs, tender documents and supervision of construction. The Project is expected to be completed by end of 2019.

The loan agreement was signed on behalf of the Republic of Sri Lanka by Secretary Ministry of Finance R H S, Samaratunga, and on behalf of the Fund by Deputy Director-General of the KFAED Hesham Al-Waqayan, in attendance of Ambassador of the State of Kuwait to Sri Lanka Khalaf Bu Dhhair, and Regional Manager for East South Asian and Pacific Countries of Kuwait Fund Waleed Al-Bahar. 

It is the 14th loan extended by the fund to Sri Lanka, considering that KAFED had already extended 13 loans to it, totaling about KD 62.66 million ($213 million).

The fund has also extended to Sri Lanka technical assistance, worth KD 455, 000 ($1.52 million) to finance technical and economic feasibility studies for projects in agricultural and energy sectors. 

Source: Kuwait Times

-Agencies