Wednesday , September 26 2018

KFAED signs $170 mln loan deal with Egypt

Director General of Kuwait Fund for Arab Economic Development’s (KFAED) Abdulwahab Al-Bader during the signing ceremony

KUWAIT CITY, July 14: Kuwait Fund for Arab Economic Development (KFAED) on Thursday signed a KD 50 million ($170 million) loan for the Egyptian government, which will contribute to the construction of a sewage water treatment facility for several towns in the northeast.

The plans will respond to the growing demand for water intended for agricultural purposes and will ensure the environmental protection of the nearby Lake Manzala as well as creating 100,000 jobs for locals.

It will aim to achieve one of several United Nations Sustainable Development Goals (SDGs) related to providing access to clean water through raising efficiency on the use of the natural resource in agriculture. Upon completion by the end of 2022, the resulting facility will be able to treat around 5 million cubic metres (5 billion litres) of sewage water from three towns at a treatment plant, which will be built east of the Suez Canal.

The project also includes the treatment of land for agricultural benefit and the creation of agricultural reserves and an agricultural manufacturing industry covering an area of 400,000 feddans (1,680 sq km). The Kuwait Fund’s loan will aim to cover 21.2 percent of the construction plans, worth a total EGP 54 billion ($3 billion). This will be followed by another two loans

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