EGYPT, KUWAIT FUND INK USD 266 MILLION ON 4 AGREEMENTS

The Egyptian Government and Kuwait Fund for Arab Economic Development (KFAED), on Tuesday, signed four agreements worth KD 78.1 million (approx. 265.54 million U.S. dollars).

The agreements were co-signed on behalf of the government by Minister of Investment and International Cooperation, Dr. Sahar Nasr, and Abdulwahab Al-Badr, KFAED’s General Director.

The two sides inked two loan accords, as part of Sinai’s development programme, and the first accord is a loan worth USD 204 million, to contribute to financing Sharm el-Sheikh tunnel construction.

In the second agreement, a loan worth KD 17.5 million (USD 59.5 million), to contribute to funding a road project in Sinai.

They have also signed two MOUs regarding a grant for feasibility studies, for palms planting and dates processing — at KD 100,000 (333,500 U.S. dollars).

Source: NAM News Network