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Sunday, 23 February 2020

El Sisi ratifies USD 130 mn loan with Arab Fund to develop electric grid

President Abdel Fattah El Sisi has ratified a loan agreement worth KWD 40 mn (USD 130 mn) from the Arab Fund for Economic and Social Development as part of the financing of the second phase of developing the electricity distribution network, the local press reports. The agreement was signed in August 2018 and approved by the House of Representatives in February 2019. The president’s ratification was published in the Official Gazette on Thursday.

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