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Tuesday , September 17 2019

Fifty loans worth $3.4 b granted to Egypt since 1964, says KFAED

Al-Ahram second energy confab concludes

CAIRO, Dec 12, (KUNA): Fifty loans worth $3.4 billion had been signed with Egypt since 1964, Kuwait Fund for Arab Economic Development (KFAED) said Wednesday. “Projects of more than 30 of those loans were fully executed; with the first being the Suez Canal development project, which was allocated with a $33.3-million loan, said Abdullah A l – Museibeeh , KFAED’s regional director for Arab countries.

His statement to KUNA came on the sideline of participating in Al-Ahram second energy conference, which concluded last night here. “The Fund supports many fields in Egypt, including electricity, water, transportation, communication, irrigation and sanitation among others. “Due to Egypt’s distinguished status, KFAED had celebrated agreement number 1,000 with the Arab country on the sideline of the ‘Africa 2018 Forum’ in Sharm Esh Sheikh,” he noted.

The latest agreement between the Fund and Egypt took place last week, when the Fund extended a $50-million loan to participate in the financing of the establishment of the Four Sea Water Desalination Plants Project and a supplementary loan of $85 million for financing the construction of Bahr Al Baqar Water Drainage Systems Project.

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