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Kuwait studies funding strategic projects in Egypt

Kuwait - September 8, 2016

A press report published by the Egyptian publication Amwal Al Ghad said that Egypt is currently in talks with the Kuwait Fund for Arab Economic Development (KFAED) to finance three development projects in Sinai Peninsula.

The report cited an official from the Ministry of International Cooperation saying that the projects include road development works, improvement of a fishing in Al Tor city, and the extension of electricity lines to 17 residential compounds scattered around North and South Sinai.

Egypt has received a number of significant funds from Arab countries including a $105 million deal signed with the KFAFD for building five desalination stations in South Sinai.

Another deal of $126 million was signed with KFAED in July to finance the establishment of a desalination plant in East Port-Said.

The Kuwaiti fund pledged in November 2015 to lend Egypt 300 million dollars over the next five years for the development of critical projects around the Arab state.

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