KUWAIT (Kuwait News Agency) — Kuwait Fund for Arab Economic Development (KFAED) and the Uzbek government on Tuesday inked an agreement by virtue of which the fund will loan Uzbekistan KD nine million (some $30 mln).

The funds will be used in financing the development of infrastructure in rural areas in the Central Asian nation, according to a KFAED press release. The project will help provide many job opportunities to the residents of these areas in the sectors of construction and industry, the statement said.

The agreement was signed by KFAED Deputy Director General Hisham Al-Woqyan and Uzbek Deputy Minister of Finance.

The loan is the ninth one offered by KFAED to Uzbekistan. The total value of the previous loans amounts to KD44.9 mln in addition to two technical grants amounting to KD500,000.