The Kuwait Fund for Arab and Economic Development (KFAED) signed Monday a loan agreement worth 8.275 million Kuwaiti dinars (28 million US dollars) in the Chinese city of Chengdu to finance a major motorway project in China, the official KUNA news agency reported.

The KFAED was quoted as saying that the project aims to boost economic and social development and encourage tourism in southwestern China.

With this agreement, KFAED offered China 30 loans worth about 218 million dinars (728 million dollars) to finance projects in various sectors.

Source: Xinhua