KUWAIT CITY, Aug 9 (AFP) - The Kuwait-based Arab Fund for Economic and Social Development (AFESD) has signed a 40-million-dinar (132-million-dollar) loan agreement with Libya, the state news agency KUNA reported Monday.
The loan is to finance an electrical connection project to develop Libya's energy network, it said, quoting an AFESD statement.
The loan is repayable over 22 years at an interest rate of 4.5 percent.
AFESD, which launched operations in 1974, has now lent 175,700 million dinars (580,000 dollars) to Libya to finance development projects.