Cairo - Mubasher: The Egyptian ministry of investment and international cooperation signed a financing agreement with Nawaf Al-Mehmel, Kuwait's representative and legal advisor of the Kuwait Fund for Arab Economic Development (KFAED).
The KWD 12.5 million (EGP 746.2 million) agreement was signed by the minister's counselor for Arab affairs, Ghader Hegazy, according to an official statement.
The agreement aims at funding a water infrastructure project in Arish city with a cost of around EGP 732 million, as part of the Egyptian government development program in North Sinai.
As per the ministry’s statement, the financing agreement comes in part of a $900 million pack by the KFAED to fund developmental projects in the Sinai Peninsula.
