Cairo - Mubasher: The Egyptian government and the Kuwait Fund for Arab Economic Development (KFAED) have signed $85 million loan agreement.

The loan will be used to finance a road project which is a part of Sinai Peninsula development project, the Kuwait News Agency (KUNA) reported on Saturday.

The project is aimed at developing Egypt's road network to boost road safety and reduce operating costs.

It is worth mentioning that the latest loan is the fifth-second to be offered by the KFAED to Egypt, increasing total finance provided by the fund to the North African country to $3.5 billion.

Source: Mubasher

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