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Monday, 1 August 2016

International Cooperation Minister meets with Saudi Fund for Development, World Bank officials, signs USD 119 mn loan agreement

A delegation from the Saudi Fund for Development met late last week with International Cooperation Minister Sahar Nasr to discuss procedures for closing on the USD 500 mn first tranche of the USD 1.5 bn Sinai Peninsula development program, according to a statement from the ministry. In a separate meeting, Nasr met with a delegation from the World Bank to discuss funding the 1.5 mn feddan project. No timeframe was given on the implementation for either project.

Nasr also signed a USD 119 mn loan agreement with the Kuwait Fund for Development to finance the first phase of the East Port Said water desalination plant, Amwal Al Ghad reported. The funding comes as part of the Kuwait Fund’s three-year USD 900 mn Sinai Peninsula development strategy. The plant has an estimated total cost of USD 211 mn, and an expected daily capacity of 150k cubic metres.

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