Egypt, Kuwait fund ink two loan deals worth $135 mln
Kuwait to boost co-op ties between UN, Arab League
SHARM EL-SHEIKH, Dec 8, (KUNA): The Egyptian government and Kuwait Fund for Arab Economic Development (KFAED) inked on Saturday an agreement according to which the fund lends KD 15 million (USD 50 million) to Cairo as a contribution to funding construction of four water desalination plants in South Sinai.
The two sides, also on Saturday, signed another loan deal, where KFAED would present an additional loan worth KD 25 million (USD 85 million) to Egypt.
The two accords were signed on behalf of the Egyptian government by Minister of Investment and International Cooperation Dr Sahar Nasr and KFAED’s General Director Abdulwahab Al-Badr – on sidelines of the Africa 2018 conference, which kicked off today.
The inking ceremony was attended by the State of Kuwait Ambassador to Egypt, Mohammad Al-Thuwaikh and South Sinai Governor Khaled Foda.
The project envisages building four water desalination stations in Bahr Al-Baqar, South Sinai, to meet mounting demand, save waste due to transfer, safeguard public sanitation and help in efforts to improve the population living standards.
It also envisions back-up for expanding agricultural production, processing agricultural products and creating up to 100,000 jobs. Moreover it encompasses a station with a 15,000 cubic meter output in Abu Rdais, another one in Nabaq and a third in Taba.
The mega venture, forecast to conclude by 2022, includes diverse phases and sub-projects for water distribution and sanitation.
Cooperation
Meanwhile, Kuwait announced that it aims to strengthen the cooperation ties between United Nation’s (UN) Security Council and Arab League in preventing conflicts and resolving matters peacefully based on the council and league’s charters.
Kuwait permanent representative at the United Nations (UN) Ambassador Mansour Al-Otaibi highlighted Thursday, during a UN session, the role of participating countries of the UN and regional arrangements to prevent conflicts.
Al-Otaibi assured the importance of cooperation between the UN and regional organizations in this critical time more than ever, as the Secretary-General of the UN, Antnio Guterres confirmed in more than an occasion that this cooperation has become a necessity not a an option.
“Our world witnesses today many complicated challenges which needs more effort and teamwork to stand against them,” AlOtaibi said.
“Standing against those conflicts that took a long time in Africa was a main reason for the UN to find solutions, in 1960, peace preservation operations was distributed in Congo to assure governmental assistance in preserving law and order,” Al-Otaibi added.
Al-Otaibi expressed Kuwait’s aspiration to complete the agreement in the Security Council on guaranteeing the funding of peace operations that are being discussed in the meantime provided by Ethiopia, Cote d’Ivoire and Equatorial Guinea. Al-Otaibi also pointed out that the cooperation between the African Union and the UN is considered as successful example of regional partnerships. He also conveyed his wishes for the African Union to achieve its targets in its “Silencing the Guns” initiative by 2020.