Times Of Swaziland: SD SIGNS E160 MILLION LOAN FOR  MANZINI-MBADLANE HIGHWAY

SD SIGNS E160 MILLION LOAN FOR  MANZINI-MBADLANE HIGHWAY
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JOSEPH ZULU on 06/02/2015 01:26:00


MBABANE – Swaziland has signed a 20-year loan of E160 million with the Kuwait
Fund to finance the construction of the Manzini-Mbadlane Highway.
The highway is part of the road that leads to King Mswati III (KMIII)
International Airport in Sikhupe. A signing ceremony for the loan was held at
the Ministry of Finance yesterday.
Also present were Principal Secretaries Bertram Stewart and Makhosini Mndzawe in
the Ministries of Economic Planning and Development and Public Works and
Transport respectively.
This is the third loan from the Kuwait Fund as the fund previously provided two
loans amounting to about US$23.144 million (about E263 million) The Kuwait Fund
has worked with other financiers such as African Development Bank (AfDB), Arab
Bank for Development (BADEA), Organisation of the Petroleum Exporting Countries
(OPEC) and Abu Dhabi Funds. The loan amounts to four million Kuwait Dinar which
is equivalent to US$14 million. It will be repaid in a period of 20 years
including a four-year grace period.
The loan should be paid in 32 semi-annual instalments bearing an interest of 2
per cent per annum and 0.5 per cent per annum to cover administrative costs and
costs incurred.
Minister of Finance Martin Dlamini signed the loan agreement in the presence of
His Excellency the Ambassador of Kuwait, Hassan Bader Al-Oqab. The ambassador
signed on behalf of the fund.