| Project Detail |
A loan agreement for KD 1 million was signed in Kuwait on the 9th of March 2014 to help finance the Social Housing Project - Phase II (Supplementary Loan) in the Republic of Djibouti.
The loan agreement was signed by H.E. Mr. Elias Musa Duale, Minister of Economy and Finance in charge of Industry and Planning, on behalf of the Government of the Republic of Djibouti. H.E. Mr. Abdlatif Yousef Al Hamad, Director General/Chairman of the Board of Directors of the Arab Fund, signed the loan agreement on behalf of the Fund.
The project aims at contributing to meeting the growing demand for housing for citizens, especially those with limited income. The project is part of an integrated program to build about 3,000 housing units in the city of Djibouti, of which 850 units were constructed in Phase I of the project.
The project includes the following key elements:
1 - Acquisition of land and provision of basic services
2 - Construction of housing units
3 - Consultancy Services
The loan will carry interest at 3% per annum and will be repayable over 22 years with a 5 year grace period.
The Ministry of Housing, Construction, Environment and Land Development will be the beneficiary of the loan, and will be responsible for implementing the project, which is expected to be completed in the last quarter of 2015.
With the signing of this loan, the Arab Funds total contribution to financing projects in the Republic of Djibouti now amounts to KD 83 million.
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