Kenya signs Sh1.4b loan pact with Kuwait

July 16, 2012
President Kibaki held talks with the Emir of Kuwait Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah in Addis Ababa, Ethiopia/ Foreign Affairs Ministry

, NAIROBI, Kenya, Jul 16 – Kenya has signed a loan agreement with the Kuwait Fund for Arab Economic Development (KFAED) totalling Sh1.4 billion to be used for the development of school infrastructures in Nyamira and Borabu.

President Mwai Kibaki met and held bilateral talks with the Emir of Kuwait, Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah at the ongoing 19th African Union (AU) Summit where the two leaders signed the agreement.

Other projects funded by Kuwait through the KFAED kitty include the feasibility study for Bura Irrigation Scheme; Katumani-Wote road – a project of Vision 2030 Medium Term Plan (2008-2012) – construction of the new Wajir District hospital; and a loan of $20 million (Sh1.68 billion) to fund the Nuno-Modagashe road.

The Emir, who is attending the AU Summit as a guest of honour, commended Kenya for the proactive role the country has continued to play in promoting peace in the region.

He singled out Kenya’s intervention in Somalia saying “the operation by Kenya’s Defence Forces, alongside the Transitional Federal Government forces, have generated the initial impetus that has resulted in the liberation of many parts of the war ravaged country.”

The Emir pledged to work closely with the Kenyan government in peace initiatives and national development endeavours.

On his part, President Kibaki expressed gratitude for the development support extended by Kuwait saying this will go a long way in strengthening the cordial ties between the two countries.

Pointing out that the Kenyan economy was now on a path of sustainable growth, President Kibaki said there were many lucrative investment opportunities in the country which investors from Kuwait could explore.

“I invite investors from Kuwait to explore and take advantage of investment opportunities available in our country,” the president said.

President Kibaki welcomed the offer for support in peace initiatives adding that massive resources were required for the post-conflict reconstruction of Somalia.

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