Kuwait Fund loans $42.5m to Egypt for water project
The loan will be used to fund an infrastructure project that will provide drinking water to Egypt’s Sinai Peninsula, particularly to residents of the city of Al-Arish
The Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement, worth $42.5m (KWD12.5m), with Egypt.
Under the terms of the agreement, the loan will be used to fund an infrastructure project that will provide drinking water in Egypt’s Sinai Peninsula, particularly to residents of the city of Al-Arish.
The agreement, signed yesterday, is the 45th loan deal that Egypt has inked with the Kuwaiti fund, bringing the collective value of the aid it has received to $2.8bn (KWD833m), Kuwait News Agency (KUNA) reported, quoting KFAED's director general, Abdulwahab Al-Bader.
Commenting on the loan agreement, Dr Sahar Nasr, Egypt’s Minister of Investment and International Cooperation, noted that the project it would fund, and other projects of similar nature, would help improve the quality of life in a region affected by terrorism.
"The only solution to counter terrorism is through economic and social prosperity," Nasr added.