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Thursday, 19 July 2018

Egypt, UNDP sign declaration of intent for grant to support Sinai’s development

Egypt, UNDP sign declaration of intent for grant to support Sinai development project: Investment and International Cooperation Minister Sahar Nasr inked yesterday a letter of intent for a grant from the UN Development Programme to support the government’s development of the Sinai peninsula, according to a ministry statement. The value of the grant was not disclosed. The government has recently been shopping around for loans and grants to finance the government’s ambitious plans for Sinai’s development. Nasr was reportedly in talks with World Bank on USD 1 bn loan to develop Sinai. The Arab Fund for Economic and Social Development had also pledged three grants of USD 2.8 mn in total to support the development projects.

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