KFAED gives Egypt $300m dev aid annually

AFESD signs $174.2 mln loan deal with Cairo

KUWAIT CITY, Dec 20, (KUNA): Kuwait Fund for Arab Economic Development (KFAED) is contributing $300 million worth of annual developmental aid to Egypt, KFAED Director General Abdulwahab Al-Bader announced Sunday.

In a statement to reporters after a meeting of Arab development funds, which tackled the implementation of developmental projects, Al-Bader said that, “the total sum allocated for the developmental project in Sinai Peninsula would be left to Egyptian officials’ sole discretion.” “The project in Sinai aims to bring the peninsula’s development up to par with the rest of the country. The investment portfolio for KFAED projects in Egypt has now reached $2,100” he added.

The KFAED chief said that upcoming developmental projects in Egypt were discussed during the meeting.

The projects in the country are reflective of the Egyptian government’s prioritization of providing basic residential, educational and medical services. Al-Bader said that the projects will cover an array of sectors, stressing KFAED’s commitment to financing and implementing these projects to bolster economic and social development in Arab countries.

Furthermore, the Arab Fund for Economic and Social Development (AFESD) signed a KD 45 million (approximately $174.4 million) loan agreement

with Egypt to fund a sewage project in Giza Governorate.

In a press statement on Sunday, AFESD said that the project aims at limiting pollution in the River Nile.

The project will consist of the establishment and rehabilitation of water collection points, water supply pipes to homes and 40 water treatment plans.

The loan will have an annual interest

rate of 3 percent, with a grace period of five years.

AFESD’s financial contribution to development projects in Egypt has amounted to KD 1.3 billion ($4.2 billion).

The loan was signed by Egypt’s Minister of International Cooperation Sahar Nasr and AFESD’s Chairman of the Board of Directors Abdulatif AlHamad.