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KAFED lends Swaziland USD 113 mln

KUWAIT, Sept 18 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement worth KD four million (USD 113.6 million) with Swaziland to contribute to funding an irrigation project in the mountainous region of Lemombo, Matata.
KFAED said in a statement on Monday that the funded project is designed to expand a local irrigation network to enhance crops, lower poverty and boost farmers' income.
The fund indicated that the loan was allotted for Swaziland in line with an initiative declared by His Highness the Amir, in 2013, for providing soft loans for development schemes in Africa.
KFAED had lent Swaziland a total of KD 15 million (USD 54 million).
The lending accord was signed in the Kingdom by its finance minister, Martin Gobizandla Dlamini, and KFAED Deputy General Director Hamad Al-Omar. (end) skm.rk