| Project Detail |
A loan agreement for KD 30 million was signed in Jeddah on the 24th of June 2014 to help finance Mlaq Upper Dam in the Republic of Tunisia. The loan agreement was signed by H.E. Mr. Noureddine Zekri, Undersecretary for Development and International Cooperation, on behalf of the Government of the Republic of Tunisia. 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 improving the regulation of the Mlaq water valley, one of the tributaries of Mgarda water valley. This will be accomplished through the construction of the Mlaq Upper Dam in Caf Governorate, in order to compensate for the drop in storage capacity of the existing Mlaq Dam as a result of the accumulation of sediments in the lake. The project will protect land and buildings located downstream from the dam, both in the Mlaq water valley and Mgarda water valley, from the dangers of floods. The project includes the following key elements: 1. Construction of The Dam 2. Technical Services The loan will carry interest at 3% per annum and will be repayable over 22 years with a 6 year grace period. The Ministry of Agriculture will be responsible for implementing the project, which is expected to be completed in the fourth quarter of 2020. With the signing of this loan, the Arab Funds total contribution to financing projects in the Republic of Tunisia now amounts to KD 765.78 million. |
