Fifty loans worth USD 3.4 bln to Egypt since 1964 - KFAED

CAIRO, Dec 12 (KUNA) -- Fifty loans worth USD 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 USD-33.3-million loan, said Abdullah Al-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 USD-50-million loan to participate in the financing of the establishment of the Four Sea Water Desalination Plants Project and a supplementary loan of USD 85 million for financing the construction of Bahr Al Baqar Water Drainage Systems Project KFAED is the first institution in the Middle East that took an active role in the international development efforts, extending loans on concessionary term to finance development projects in developing countries. The Fund also provides technical assistance to finance the costs of the feasibility studies of projects, as well as the training of nationals of the borrowing countries. (end) aff.hb