Kuwait to fund $553m Burkina Faso airport project
Kuwait Fund for Arab Economic Development loans country $20.4m
The Kuwait Fund for Arab Economic Development has agreed to loan Burkina Faso $20.4m to help finance the $553m Ouagadougou-Donsin International Airport Project .
The Loan Agreement was signed on behalf of the Government of Burkina Faso by H.E. Lucien Marie Noel Bembamba, Minister of Economy and Finance and on behalf of the Fund by Mr. Abdulwahab Al-Bader, Director-General of the Kuwait Fund for Arab Economic Development.
The aim of the project is to enhance the social and economic development of Burkina Faso and to improve its interaction with other countries of the world through the construction of a new international airport in the region of Donsin which is about 35 Kms. to the North of the capital Ouagadougou.
It is anticipated that the new airport would satisfy the increasing demand on arriving, departing and transit air traffic, and would handle about 1000 passengers and air movements during the peak hour.
The total cost of the project is estimated at about KD157m. The Fund's loan will cover 4% of the total cost of the project.
The Loan bears an interest at 2% per annum, in addition to 0.5% per annum to cover administrative costs and other expenses incurred in the implementation of the Loan Agreement.