KFAED signs KD 4m loan with Zambia

The Kuwait Fund for Arab Economic Development (KFAED) signed a KD 4 million (USD 14 million) loan agreement with the Republic of Zambia to contribute to funding a project of establishing a teachers' training college in the north-western province. The agreement was signed on Monday in Lusaka, the capital of Zambia, said a statement issued by KFAED, noting that the project aims at improving and increasing the training opportunities for the teachers in science, mathematics and technology in the north-western region of the country, which will meet the needs of Zambia for teachers. The project includes establishing buildings, the infrastructure and the facilities needed for the training college of furniture and educational equipment, in addition to the advisory services that are necessary to design and supervise the project, added the statement. It said the expected beginning of the project implementation will take place on the first half of 2014 until the end of 2016, indicating that this loan is the fourth provided by KFAED as the previous ones were worth a total of about KD 44.8 million, assigned finance projects in the transportation sector. The agreement contract was signed by the Finance Ministry Undersecretary Felix Nkulukusa on behalf of Zambia and by KFAED's Deputy Director General Hamad Al-Omar.