News Detail - Kuwait Fund
Media Center
A Loan Agreement was signed today in Buenos Aires between the Government of the Province of San Juan and the Kuwait Fund for Arab Economic Development, whereby the Fund will provide a Loan in the Amount of 15 Million Kuwaiti Dinars (equivalent to about US$51 Million), to participate in the financing of the Grand Tulum Aqueduct Project, in the City of San Juan, in the Province of San Juan. Also, a Guarantee Agreement for the Loan, was also signed between the Republic of Argentina and the Kuwait Fund for Arab Economic Development.
The Guarantee Agreement was signed on behalf of the Republic of Argentina, by His Excellency D. Axel Kicillof, Minister of Economy and Public Finance, and the Loan Agreement was signed on behalf of the Government of the Province of San Juan, by His Excellency Mr. Jose Luis Gioja, Governor of the Province of San Juan, while both the Loan and the Guarantee Agreements were signed on behalf of the Kuwait Fund for Arab Economic Development, by Mr.Ghanem Sulaiman Al-Ghenaiman, Deputy Director-General of the Fund, in attendance of H.E Salah Mubarak Al-Mutairi, Ambassador of the State of Kuwait to the Republic of Argentina, and Mr. Abdullah Al-Musaibeeh, Regional Manager for Latin America and the Caribbean Countries at the Fund.
The aim of the Project is to meet the current and future demand of safe drinking water, increase efficiency and reliability of the drinking water system, and contribute to improvement of general health and the environment in Greater San Juan Area with current population of about 520,000 inhabitants and that by installation of a new drinking water system designed for a period of about 50 years and population about 1,000,000 inhabitants.
The Project consists of installation of a new drinking water system that transport water from wells located about 25 KM West of Greater San Juan to complement the existing water system. The new system consists of drilling about 25 wells capacity of about 200 liters/second each with all ancillaries, laying about 25 KM of Stainless Steel (SS) and High Density Polyethylene (HDPE) pipelines with special pieces and supply and installation of fiber optic and SCADA system for communication and control, supply equipment and construction of a chlorination plant. The Project also consists of consultancy services.
The total cost of the Project is estimated at about 1.086 Billion Argentine Pesos, equivalent to about 37.6 Million Kuwaiti Dinars, of which about 953 Million Argentine Pesos, equivalent to about 33 Million Kuwaiti Dinars, is in local currency, representing about 88% of the total cost of the Project, and about 133 Million Argentine Pesos, equivalent to about 4.6 Million Kuwaiti Dinars, is in foreign currency, representing about 12% of the total cost of the Project. The Fund's Loan will cover about 40% of the total cost of the Project, while the Government of the Province of San Juan shall ensure the remainder of the costs for the implementation of the Project.
The Loan shall be for a period of 24 Years, including a grace period of 4 Years, and shall be repaid in 40 semi-annual installments, the first of which will be due on the first date on which interest or other charges will fall due, pursuant to the Loan Agreement, after the expiration of the said grace period. The Loan bears an interest rate of 2.5% per annum, in addition to a rate of 0.5% per annum to meet administrative costs and other expenses incurred in the implementation of the Loan Agreement.
This Kuwait Fund's Loan represents the 3rd Loan extended by the Kuwait Fund to the Republic of Argentina, as the Kuwait Fund has previously extended 2 Loans to the Republic of Argentina, to finance a project in the transportation sector, and in the water and sanitation sector, with a total amount of approximately 24.9 Million Kuwaiti Dinars (equivalent to about US$84.7 Million).
More News & Events
Kuwait Fund’s “Be Among High-Achievers” trip takes off to Togo, [...]
ale high school students participating in the 14th edition of the “Be Among High-Achievers” program, organized annually by Kuwait Fund in cooperation with the Ministry of Education, departed to Republics of Togo and Benin for male students, and to Bosnia [...]
"20 Years, 1000 Engineers" The Kuwait Fund for [...]
l-Yahya, Minister of Foreign Affairs and Chairman of the Board of Directors of the Kuwait Fund for Development, graced the ceremony honoring the "Training Program for Kuwaiti Newly-Graduated Engineers and Architects" with his patronage and [...]
Chad Call for Tenders
Documents and Media Link documents/66721/156152/Chad.pdf/9e589bb8-aef1-5837-5d60-a57985dac897?t=1736317168667 width 10%