A Kuwait-based fund said on Sunday it would provide Argentina with a loan worth $49.5 million (KD 15.2 million) for a project to improve water supply in two of its northern provinces.

The endeavor aims to prop up economic development in the South American nation’s Santa Fe and Cordoba provinces, the Kuwait Fund for Arab Economic Development (KFAED) said in a statement, highlighting the project’s aim of ensuring adequate water supply in those areas.

On the intricacies of the project, which costs $76.88 million (KD 23.59 million), the statement said it entails the construction of a water treatment plant to boost supply in the two provinces, putting a three-year timeframe on the endeavor.

The deal is the latest in an aid package KFAED has earmarked for Argentina, which has already received previous loans of up to $288 million (KD 70 million), added the statement. – KUNA