Kuwait - Nigeria and other African countries will receive $1 billion soft loan from Kuwait every year for the next five years.
The loan is meant to promote economic ties between the Arab world and Africa, reports Standard Media.
Sheikh Sabah al-Ahmed Al-Sabah, Kuwait’s leader and Emir, disclosed this at the opening of the Third Africa-Arab Summit in Kuwait City on Tuesday.
The loan will be administered through the Kuwait Fund for Arab Economic Development.
Al-Sabah added that his country will also spend a similar amount in investments on various areas of interest in Africa.
Read more at Standard Media