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Kuwait to provide $51m for infrastructure dev

FE Report | March 28, 2018 00:00:00

Bangladesh will receive US$51 million in credit from the Kuwait government to develop urban infrastructure in 53 municipalities across the country.

The fund will be utilised for 'Urban Infrastructure Improvement Project' to be implemented by the Local Government Engineering Department (LGED).

An agreement on the credit was signed between the Kuwait Fund for Arab Economic Development (KFAED) and the Economic Relations Division (ERD) in the city on Tuesday.

ERD secretary Kazi Shofiqul Azam and Deputy Director General of KFAED Hamad Al-Omar signed the agreement.

Speaking on the occasion, Shofiqul Azam said the fund would help enhance living standards of dwellers in 53 municipalities under eight divisions through developing drainage system, bridges, culverts and lighting facilities.

In response to a query from newsmen, he said the repayment period of the credit is 25 years, including grace period of five years.

Bangladesh government will bear remaining cost of the project worth $110 million.

Kuwait has been a development partner of Bangladesh since fiscal year (FY) 1974-75.

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