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Egypt seeks Kuwait funding for strategic projects

CAIRO, September 8, 2016

Egypt is in talks with the Kuwait Fund for Arab Economic Development (KFAED) to help finance three new development projects in Sinai region, said a report.

These include road development works, upgradation of a fishing port in Al Tor city and extension of  electricity lines to 17 compounds in North and South Sinai, reported Amwal Al Ghad citing a Ministry of International Co-operation official.

There has been a significant progress in the co-operation between Egypt and the Arab funds, the official said, referring to $105-million deal signed recently with the Kuwait Fund for the establishment of five desalination plants in South Sinai.

Egypt has also signed a $126 million with the Kuwait Fund late July to finance East Port Said desalination plant, the report added.




Tags: Egypt | Kuwait | Funding |

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