Kuwait set to bankroll new Khartoum Airport

Kuwait Fund for Arab Economic Development inks $47m loan agreement.
NEWS, Aviation

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The Kuwait Fund for Arab Economic Development (KFAED) has agreed a loan deal to bankroll plans for a new international airport in Sudan.

The Fund has inked a loan agreement worth $47m with the Sudanese government to fund work at Khartoum's new airport, KUNA News Agency reported.

The deal was signed by Abdullah Al-Mehmel, the KFAED's legal advisor Nawwaf and Al-Tayib Abu Qenaya, Undersecretary of the Sudanese Ministry of Finance and Economy.

The signing ceremony was also attended by Ali Mahmoud, Sudanese Minister of Finance and Economy who said the loan would contribute to pushing forward economic and social development in Sudan.

He added that the funding would help to shore up state efforts to meet current challenges and requirements, including security, stability and unity.

He hailed the KFAED's role in financing several strategic projects in the country, adding that Arab financial foundations' aid to Sudan was a "clear-cut example for Arab finance efficiency".

The Kuwaiti financial help is part of financing for the first stage of the new Khartoum airport.