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Friday, January 22, 2010

Kuwait helps Laos in energy development

(KPL) The Kuwaiti Fund has provided Laos with a US$ 25 million low interest loan for the construction of a 115-KV transmission line and power distribution network in the northern provinces of Luang Namtha, Bokeo and Oudomsay.
The project will enable the provinces to import electricity from China to supply a growing population and facilitate business operation and development in the areas. The project, one of the priority projects in the socio-economic development plan of the energy sector, is a plan of the government to eliminate poverty for all people by 2020.
A loan agreement was signed last week in Vientiane between Mr. Somdy Douangdy, Minister of Finance, and Mr. Hesham Ibrahim Alwaqayan, Deputy Director General of the Kuwait Fund for Arab Economic Development. A project agreement was also signed by the Kuwaiti agency and the Electricite du Laos at the same ceremony.
This is the first batch of low-interest loan released by the Kuwaiti Fund to the Lao Government. According to a press release from the Fund, the loan has been made for a term of 24 years, including a grace period of four years, to be amortised in 40 semi-annual installments.
Interest on the loan is 2 percent per annum with 0.5 percent to cover administrative costs and the expenses in implementing the loan agreement.Attending the signing ceremony were Mr. Soulivong Dalavong, Minister of Energy and Mining, Kuwaiti Ambassador to Laos, Mr. Hafeez Hohammed Al Ajmi, and a number of senior officials.

1 comment:

Chumroen Benchavitvilai said...

This would be a great help for the cash rich countries in the middle east to invest in the infra structire in the Least Developing Countries to liberate form such poverty.