Egypt's ongoing cooperation portfolio with KFAED amounts to $1.5bln

Egypt's Minister of International Cooperation reviewed the current development portfolio with the fund which amounts to $1.5bln directed to finance 26 projects

  
An customer exchanges U.S. dollars to Egyption Pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016.

An customer exchanges U.S. dollars to Egyption Pounds in a foreign exchange office in central Cairo, Egypt, November 3, 2016.

REUTERS/Mohamed Abd El Ghany

Cairo –  Egypt's Minister of International Cooperation, Rania El-Mashat, met with the Director General of the Kuwait Fund for Arab Economic Development (KFAED), Marwan Al Ghanim, to explore the possible means of enhancing mutual cooperation.

El-Mashat reviewed the current development portfolio with the fund which amounts to $1.5 billion directed to finance 26 projects, most notably the Sinai Peninsula development programme, according to a statement on Monday.

Cooperation with the fund has resulted in implementing several projects, including the completion of the Sharm El-Sheikh Tunnel Road, the completion of a transverse road (4), the completion of the Bahr El-Baqar wastewater system, and the establishment of two seawater desalination plants in New Rafah and New Bir El-Abd.

Since 1980, the Kuwait Fund for Arabic Economic Development has financed 54 projects worth about $3.6 billion in Egypt in various sectors, including health, transportation, agriculture, water, sanitation, and petroleum.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2021 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Wealth Management