Fifty loans worth $3.4 billion to Egypt since 1964: KFAED
Fund contributes to socio-economic development in Argentina
CAIRO/KUWAIT: Fifty loans worth $3.4 billion have been signed with Egypt since 1964, the Kuwait Fund for Arab Economic Development (KFAED) said yesterday. “Projects of more than 30 of those loans were fully executed; with the first being the Suez Canal development project, which was allocated with a $33.3 million loan, said Abdullah Al-Museibeeh, KFAED’s regional director for Arab countries.
His statement came on the sidelines of participating in Al-Ahram second energy conference, which concluded last night in Cairo. “The Fund supports many fields in Egypt, including electricity, water, transportation, communication, irrigation and sanitation among others. Due to Egypt’s distinguished status, KFAED had celebrated agreement number 1,000 with the Arab country on the sidelines of the ‘Africa 2018 Forum’ in Sharm Esh Sheikh,” he noted.
The latest agreement between the Fund and Egypt took place last week, when the Fund extended a $50 million loan to participate in the financing of the establishment of the Four Sea Water Desalination Plants Project and a supplementary loan of $85 million for financing the construction of Bahr Al Baqar Water Drainage Systems Project. KFAED is the first institution in the Middle East that took an active role in the international development efforts, extending loans on concessionary term to finance development projects in developing countries. The Fund also provides technical assistance to finance the costs of the feasibility studies of projects, as well as the training of nationals of the borrowing countries.
Meanwhile, KFAED Adviser Dr Mohamad Sadiqi stressed the depth of partnership between Egypt and KFAED, noting that Egypt is one of the first countries to benefit from the fund’s resources. This came in a statement at the conclusion of the second AlAhram Energy Conference in Egypt. Sadiqi affirmed the importance of this partnership between the Egyptian side and the Kuwaiti Fund in supporting Egypt’s economy, especially the electricity sector. He pointed out that 18 out of 48 projects financed by the KFAED in Egypt were electricity projects. Egypt is one of the main beneficiaries of KFAED’s loans and grants. KFAED funds to Egypt make up 28 percent of funds provided to Arab countries and 16 percent of the total funds to world countries, he added.
Kuwait, Argentina sign KD 15 million
loan deal
Water network
In other news, KFAED signed a loan agreement with the Argentinian government to finance the main potable water network in the central province of Cordoba. The project will contribute to the socio-economic development in the South American country through meeting the rising demand for drinkable water in nearly 26 towns in the province, according to a KFAED statement. The construction works of project, including the rehabilitation and expansion of the existing water networks, will cost KD 15 million (some $49.3 million) which will be covered by KFAED, the statement said. This is the fifth such loan by KFAED to Argentina; the previous four, amounting in value to KD 93 million ($307 million), were channeled to projects in the areas of transport, water and drainage.
Boosting relations Kuwait’s Deputy Premier and Foreign Minister Sheikh Sabah Khaled Al-Hamad AlSabah and the visiting Argentinian Minister of Foreign Affairs and Worship Jorge Faurie had held talks Tuesday over means to ameliorate bilateral cooperation in various domains. Following the meeting, agreements on the loan and guaranteed loan worth KD 15 million ($49.3 million) were signed to help finance the water projects in Argentina’s Cordoba province. The meeting and signing ceremony were attended by Deputy Foreign Minister Khaled Al-Jarallah, Assistant Foreign Minister and Office Director of the Foreign Minister Sheikh Dr. Ahmad Nasser Al-Mohammad Al-Sabah, Assistant Minister for Economic Affairs Amal Al-Hamad, Assistant Minister for Ceremonial Affairs Dhari Al-Ajran, Assistant Minister and Office Director of Deputy Foreign Minister Ayham Al-Omar, Assistant Minister for Affairs of the Americas Reem Al-Khaled and Ambassador to Argentina Abdullah Al-Ehaya.