Egypt, Kuwait fund ink two loan deals worth $135mln

SHARM EL-SHEIKH: The Egyptian government and Kuwait Fund for Arab Economic Development (KFAED) inked on Saturday an agreement according to which the fund lends KD 15 million (USD 50 million) to Cairo as a contribution to funding construction of four water desalination plants in South Sinai.

The two sides, also on Saturday, signed another loan deal, where KFAED would present an additional loan worth KD 25 million (USD 85 million) to Egypt. The two accords were signed on behalf of the Egyptian government by Minister of Investment and International Cooperation Dr Sahar Nasr and KFAED’s General Director Abdulwahab Al-Badr – on sidelines of the Africa 2018 conference, which kicked off today. The inking ceremony was attended by the State of Kuwait Ambassador to Egypt, Mohammad Al-Thuwaikh and South Sinai Governor Khaled Foda.

The project envisages building four water desalination stations in Bahr Al-Baqar, South Sinai, to meet mounting demand, save waste due to transfer, safeguard public sanitation and help in efforts to improve the population living standards. It also envisions back-up for expanding agricultural production, processing agricultural products and creating up to 100,000 jobs. Moreover it encompasses a station with a 15,000 cubic meter output in Abu Rdais, another one in Nabaq and a third in Taba. The mega venture, forecast to conclude by 2022, includes diverse phases and sub-projects for water distribution and sanitation.