Kuwait- KFAED signs KD 7.5 million loan agreement for Cuba

Kuwait- KFAED signs KD 7.5 million loan agreement for Cuba
MENAFN - Kuwait News Agency (KUNA) - 02/05/2012

(MENAFN - Kuwait News Agency (KUNA)) Kuwait Fund for Arab Economic
Development (KFAED) signed a loan agreement of KD 7.5 million to finance
rehabiliation of water network and sewage project in Havana, the
Republic of Cuba.

KFAED's press release said, on Tuesday, that another related guarantee
and project agreements were also signed between the Fund and
representatives of the Republic of Cuba, namely the Institute of
Hydraulic Resources.

The Guarantee Agreement was signed on behalf of the Republic of Cuba by
Vice Minister of Finance and Prices Felix Martinez Suarez. The Loan
Agreement was signed on behalf of the Central Bank of Cuba "Banco
Exterior de Cuba" its President Jacobo Peison Weiner; furthermore, the
Project Agreement was signed on behalf of the Institute of Hydraulic
Resources' Vice President by Jva Jose Gonzalez Escudero. All three
Agreements were signed on behalf of KFAED's Director-General Abdulwahab
Al-Bader.

The aims of the Project are to meet the future demand for drinking water
, reduce the loses in the transmission and distribution networks and
protect the natural resources and the environment for about 550 thousand
inhabitants living in 12 municipalities within the city of Havana
through rehabilitation of water and sewerage network and installation of
water meters.

The 12 municipalities within the project area are divided into two
groups based on the degree of urgency. The first group consists of 7
municipalities namely; Cotorro, San Miguel, Guanabacoa, Habana del Este,
Habana Vieja, La Lisa and Arroyo Naranjo.

The second group consists of 5 municipalities namely; 10 de Octubre,
Centro Habana, Cerro, Marianao and Boyeros. This is the third loan
provided by KFAED to the Republic of Cuba. Two past loans of KD 7.5
million were also given to Cuba to finance the Santiago de Cuba Water
Supply System.


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