Built to inform

Sign up for the daily newsletters

No, Thank you

Kuwait fund lends $51m to Tanzania for road works

The project involves the construction of 85km of the Nyahua-Chaya Road section, which is part of the Dar Es Salaam-Kigoma Corridor

The agreement was signed in Dar es Salaam.
The agreement was signed in Dar es Salaam.

Kuwait will lend $51m (KWD15m) to Tanzania to assist in the construction of a road project in the country.

Kuwait Fund for Arab Economic Development (KFAED) signed the loan agreement with Tanzania to finance the Nyahua-Chaya Road project.

Hamad Al-Omar, KFAED's deputy director-general signed the agreement with Dr Philip I Mpango, minister of finance and planning (MP) of Tanzania.

The project involves the construction of 85km of the Nyahua-Chaya Road section, which is part of the Dar Es Salaam-Kigoma Corridor.

The loan will cover approximately 78% of the total cost of the project, while the remaining costs of the project, as well as any increase that may arise, will be covered by the Tanzanian government, according to a company statement.

The loan will mature over a period of 27 years, which includes a grace period of five years, and will be repaid in 44 semi-annual installments.

Most popular

Awards

Leaders KSA 2019 Preview: Al Nasser Group joins as Silver Sponsor
Lighting company to support Leaders KSA Awards 2019 ceremony, which will be held at Okku

Conferences

Leaders KSA 2019 Preview: Al Nasser Group joins as Silver Sponsor
Lighting company to support Leaders KSA Awards 2019 ceremony, which will be held at Okku
Leaders KSA 2019 Preview: C&P confirmed as Gold Sponsor
Construction & Planning joins list of industry leaders backing Leaders KSA Awards 2019, to be

Latest Issue

Construction Week - Issue 749
Sep 15, 2019