A 35.8 million dollar loan agreement was signed in Washington D.C on Thursday 6th October 2016 between the St Vincent Government and the Kuwait Fund for Arab Economic Development (KFAED).
Speaking at a press conference on Wednesday, June 13th, Minister of Economic Planning and Sustainable Development, Camillo Gonsalves, said that the government of St. Vincent and the Grenadines had approached (KFAED) to help finance an extensive road repair programme.
Minister Gonsalves, who met with (KFAED) representatives in Jamaica while attending the Caribbean Development Bank (CDB) Board of Directors and Board of Governors meeting in June 2016, said that (KFAED) had agreed in principle to provide the funds, but details regarding the specific terms of the arrangement were still to be finalized.
On Thursday 6th October, the deal was signed and sealed by officials from KFAED and Minister Camilo Gonsalves on behalf of St. Vincent and the Grenadines.
The Kuwait Fund for Arab Economic Development (KFAED) was established as the State of Kuwait’s agency for the provision and administration of financial and technical assistance to the developing countries.
This fund is to assist Arab and other developing countries in developing their economies, particularly by providing them with loans required for the implementation of their development programs.
By Ernesto Cooke