KUALA LUMPUR, March 8 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) announced Monday that it had offered a KD 6 million loan, around USD 19.5 million, to help finance a highway project in Mongolia.

A statement by the fund indicated that the project would help develop Mongolia's economic and social development sectors especially in the country's middle, western, and northern regions.

The highway would be 88 kilometers long with the total cost of the project being at around KD 7.66 million, stated KFAED.

KFAED has provided Mongolia with KD 24 million in loans, around USD 83 million.

Two technical loans worth KD 300,000 were previously provided to fund power and infrastructure projects there.