Government launches National Company for Sinai Development, House approves Sinai Peninsula Development Plan
The government has established the National Company for Sinai Development with authorized capital of EGP 10 bn and issued capital of EGP 1.4 bn, Planning Minister Ashraf El Araby told Amwal Al Ghad. The company will self-finance its projects and will also seek grants and international cooperation agreements with GCC countries, he added. The company was established between the National Investment Bank, the National Service Authority of the Armed Forces, and the National Authority for the Development of the Sinai Peninsula. Meanwhile, the House of Representatives approved the Sinai Peninsula Development Plan that will be funded through a USD 1.5 bn loan from the Saudi Fund for Development, the International Cooperation Ministry said in a statement. The plan includes the King Salman University in Tor, nine urban communities, 13 agricultural communities, as well as major infrastructure projects including roads and desalination plants. The Kuwait Fund for Arab Economic Development is contributing USD 900 mn toward infrastructure and housing projects, in addition to USD 155 mn from the Arab Fund for Economic and Social Development.