Kuwait lends Egypt USD 98 mln to fund water desalination stations

Kuwait Fund for Arab Economic Development signed an agreement with Egypt
Kuwait Fund for Arab Economic Development signed an agreement with Egypt

CAIRO, May 31 (KUNA) — Kuwait Fund for Arab Economic Development signed an agreement with Egypt Tuesday to lend the North African country with KD 29 million (USD 98.6 million) to finance establishment of five water desalination stations in Southern Sinai.
Egyptian Minister of International Cooperation Dr. Sahar Nasr underlined importance of cooperation with Kuwait, which approved the loan in a record time.
Nasr, speaking to KUNA after signing the loan agreement with KFAED Director General Abdulwahab Al-Bader, said the five stations would desalinate water from the Red Sea.
She added that these projects would create jobs, attract new investment in addition to contribution to social and environmental development.
Al-Bader said the project was part of a USD-300-million annual financial assistance to fund development projects, part of a five-year program.
The two sides agreed to focus on the development of the Sinai peninsula in the first two years, he explained.
The five water desalination stations will cost about a billion Egyptian pounds (some KD 33.56 million).
KFAED’s loan will be paid on an 1.5 percent annual interest rate.
This is the fund’s 42nd loan to projects in Egypt. Total loans amounted to around KD 751 million (USD 2.533 billion). (end) ms.esm.bs

Kuwait Fund for Arab Economic Development signed an agreement with Egypt
Kuwait Fund for Arab Economic Development signed an agreement with Egypt
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