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Wednesday, 24 October 2018

Egyptian cabinet signs off on foreign funding for Sinai infrastructure projects

Cabinet signs off on Kuwaiti funding for infrastructure projects on mainland and in Sinai: The cabinet economic group signed off on Monday on an additional KWD 25 mn (c.USD 82 mn) loan from the Kuwait Fund for Arab Economic Development (KFAED) to continue the construction of a sewage treatment facility in Sharqia, it said in a statement. The KFAED had already given Egypt USD 170 mn as part of the state’s development drive in Sinai. The economic group also agreed to begin procedures to sign a KWD 15 mn loan (c.USD 49 mn) from KFAED to set up four desalination plants in South Sinai to meet growing demand for drinking water.

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