CAIRO, March 29 (KUNA) -- Kuwait Fund for Arab Economic Development (KFAED) and Egypt signed here on Thursday two agreements under which the Fund will offer loans to the value of KD 85 million (about USD 306 million) to finance key development projects in Egypt.

The agreements were signed by KFAED's Board Chairman Abdullatif Yusuf and Egyptian Minister of International Cooperation Fayza Abul-Naga in the presence of Egyptian Prime Minister Kamal Al-Ganzouri.

Following the signing ceremony, Abul-Naga said the first loan, at a value of KD 55 million, will finance the establishment of South Helwan power station.

The second loan, at a value of KD 30 million, will be used in financing and supporting small and medium-sized enterprises.

Abul-Naga estimated the total value of KFAED loans to Egypt since 1974 at USD 3.8 billion, adding that they are used for financing different development projects across Egypt.