Cairo – Mubasher: Egypt's Ministry of International Cooperation signed three financial agreements at a value of EGP 2.5 billion ($135 million) with the Kuwait Fund.
The agreements include two grants: the first to support the Syrian refugees and the second to establish a solar plant with a capacity of 1000 megawatts and an integrated factory to produce solar panels (Silica).
The Minister of International Cooperation, Sahar Nasr, added that the number of beneficiaries from the projects, to be financed by the agreements, will exceed 500,000 people.
The Kuwait Fund will contribute to financing seawater desalination plant in East Port Said project at a capacity of 150,000 cubic metres per day.
The project targets meeting the demand on drinking water in the new city that is being established under the name of the New East Port Said City.
Works in the project will start by the beginning of 2017 and end by the end of 2019, according to the ministry's statement.
The east Port Said project is the second project that the Kuwait Fund participates in establishing after Sinai Peninsula development project.
In May, Egypt agreed to move forward with a credit facility loan of KWD 29 million from Kuwait Fund to finance the implementation of five water desalination plants in Sinai.
The cooperation portfolio between Egypt and Kuwait amounts to $3 billion and was directed to finance 42 development projects, adding to 14 technical aids, the statement said.
