KUWAIT CITY, April 11 (Xinhua) -- Kuwait has struck a loan agreement with Pakistan worth 4.5 million Kuwaiti dinars (15 million U.S. dollars) to finance a hydroelectric project in this country, the Kuwait News Agency (KUNA) said Wednesday.
The Kuwait Fund for Arab Economic Development (KFAED) said in a statement that the project, located on the Golen Gol River, a tributary of Mastuj River of Pakistan, aims at meeting the electric power demand in the Khyber-Pakhtunkhwa Province in Pakistan by developing hydroelectric power.
The implementation of the project began at the end of 2008 and is expected to be completed by the end of this year, the statement said.
The loan is the 18th of its kind provided by the KFAED to Pakistan, which has already provided 17 loans totalling 125.3 million Kuwaiti dinars (about 417 million U.S. dollars) to finance Pakistan's projects from various sectors, KUNA said.
Founded in Dec. 1961, the KFAED is Kuwait's agency for the provision and administration of financial and technical assistance to developing countries.
