Informacion economica sobre Cuba

Kuwait funding Havana water project

The head of the Kuwait Fund for Arab Economic Development (KFAED) signed

an agreement April 30 in Havana with the Instituto Nacional de Recursos

Hidráulicos to fund the reconstruction of water and sewer lines in the

Cuban capital, the Kuwaiti embassy said in a press release.

No details about the project or funding were released. If previous

history is an indicator, the funding is in the shape of a low-interest loan.

Kuwait has previously funded water rehabilitation projects in Santiago

de Cuba and Holguín. In 2003, KFAED granted Cuba a $10 million loan for

the $100 million Santiago project. In 2009, KFAED granted a $15.3

million loan for the $40 million renovation of the water system in the

city of Holguín; this project is still ongoing.

KFAED's average loan period is 22 years, with an average grace period of

four years, and an average interest rate (including service charge) of

3.2 percent annually, according to the agency's 2011 financial report.

The new agreement was signed by Abdulwahab Al-Bader, general director of

the Kuwait Fund, and Foreign Trade Minister Rodrigo Malmierca.

Kuwait opened an embassy in Havana in 2010.

http://www.cubastandard.com/2012/05/01/kuwait-funding-havana-water-works/


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