(Sukuk.net - Kuwait News Agency (KUNA)) Kuwait Fund for Arab Economic Development (KFAED) and the Syrian government signed an agreement according to which the fund will provide a KD 13 million loan to finance a water project here.

The agreement was signed by KFAED legal advisor Nawaf Al-Mhammal and head of the Syrian planning authority's international cooperation department Nader Al-Sheikh Ali with the attendance of a KFAED delegation and a number of Syrian officials.

The project will also be co-financed by a loan provided by the Islamic Development Bank (IDB).

Al-Mhammal told KUNA that the project will save up to 60 percent of water wasted due to the deteriorating pipeline system in Damascus.

KFAED will be providing 35 percent of the overall cost of the project, estimated at a total of 200 million euro.

Kuwait had previously provided Syria with a grant of KD 325,000 to cover the project's feasibility study.

With this project, total projects funded by KFAED in Syria stand at 28, worth approximately KD 366 million.

By Talal Al-Kayed
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