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  Economics
Kuwait, Egypt ink USD 55 mln loan accord
16/03/2017 | LOC18:02
15:02 GMT
| Arab News
تصغير الخطالشكل الأساسيتكبير الخط
KFAED General Director Abdulwahab Al-Badr with Egyptian Minister of International Investment Dr. Sahar Nasr during the signature ceremony
KFAED General Director Abdulwahab Al-Badr with Egyptian Minister of International Investment Dr. Sahar Nasr during the signature ceremony
CAIRO, March 16 (KUNA) -- The Egyptian Government and Kuwait Fund for Arab Economic Development (KFAED) signed on Thursday the second loan accord, worth KD 18.5 million (USD 55 million).
The new agreement, designed to contribute to financing construction of a sea water desalination plant in East Port Said, was signed by Egyptian Minister of International Investment Dr. Sahar Nasr and KFAED General Director Abdulwahab Al-Badr.
The plant, with a projected 250,000 cubic meter per day capacity, will secure drinking water to East Port City, currently under construction. With its building, due to end by 2019, up to 150,000 cubic meter of water will be initially secured per day.
A 700-km-long network of pipes will be built, along with reservoirs, electrical and mechanical installations.
The two sides also inked a grant worth KD 100,000 to fund a project for organic and biodynamic agriculture in North Sinai.
The Kuwaiti fund has lent Egypt a total of KD 815 million (USD 2.7 million), in addition to 14 grants valued at KD 3.3 million. Moreover, the Kuwaiti Government has given grants to its Egyptian counterpart; valued at KD 4.8 million (USD 16.8 million) for building schools, damaged in the 1992 earthquake and repair villages damaged in the 1995 floods. (end) ms.rk
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