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KFAED Extends Funds of USD 8m in Total to Gambia, Benin
Monday, 26 September 2011 14:07
(KUNA) - Kuwait Fund for Arab Economic Development (KFAED) awarded two grants of USD 8 million in total to Gambia
and to Benin, through its decent livelihood resources, KFAED announced on Monday.This funding comes in line with His Highness the Amir's gesture at the international economic summit hosted in Kuwait in 2009, when launch of the decent livelihood fund was announced to serve Islamic nations realize food security.
Gambia is awarded USD 3 million to fund small and micro-projects in food production and related activities. The grant agreement was signed by the Gambian Finance Minister Mambury Njie and KFAED Director General Hisham Al-Woqayan.
This is the fourth KFAED grant to Gambia, which also received 10 loans of a total USD 92 million.
The second grant awarded Benin USD 5 million to co-fund small and micro-projects in the agriculture sector.
The grant aims to help realize food security and sufficiency and increase food production through loans to small projects.
This is the first grant to Benin, which previously benefited from 11 loans of a total USD 98.3 million.
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