Kuwait lends RI $40m

Kuwait lends RI $40m

KUWAIT (Reuter): Kuwait said yesterday it had agreed to lend Indonesia 12.2 million dinars (US$40 million) to help fund construction of roads and a bridge in Bandung city.

The loan from the state-owned Kuwait Fund for Arab Economic Development is repayable over 20 years and carries interest of 3.5 percent, the official Kuwait News Agency reported.

The loan brings to 59.3 million dinars the total amount of development finance provided to Indonesia by the 35-year-old fund, the agency said. Most of the loans have been for transport and communications, with the remainder for electricity projects.