KUWAIT, The Kuwait Fund for Arab Economic Development (KFAED) on Monday signed a loan agreement with Egypt worth KD 26 million (USD 85.7 million) to finance the project of the tunnel road in Sharm El Sheikh.
Under the deal, the loan which will be repaid within 22 years will fund the project which is the beginning of financing the second phase of the Sinai Peninsula Development Program, Deputy Director General of KFAED Marwan Al-Ghanim said in a news statement.
The KFAED will offer several loans worth KD 300 million (USD 989.2 million) to finance some projects for 2020-2022, he added.
The agreement was signed on the sidelines of His Highness the Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah’s visit to Cairo, where he met with the Egyptian leadership.
The Arab Fund for Social and Economic Development, the Saudi Fund for Development and the Abu Dhabi Fund for Development are contributing alongside the KFAED to the Sinai Peninsula Development Program.
Source: Kuwait News Agency