SD SIGNS E160 MILLION LOAN FOR MANZINI-MBADLANE HIGHWAY

(L-R) Makhosini Mndzawe (PS Ministry of Finance), Martin Dlamini (Minister of Finance) His Excellency Hamad S Al-Omar, His Excellency Hasa Bader Al-Oqab and His Excellency Kareem Ashraff.

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.

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