Cairo – Mubasher: Egypt’s minister of international cooperation Sahar Nasr signed a loan agreement with the Kuwait Fund for Arab Economic Development (KFAED) worth $100 million on Tuesday, according to a statement.
The 25-year loan will finance the construction of five seawater desalination plants in South Sinai, the minister said, adding that the facility will have a five-year grace period and a 2% interest rate.
The loan is part of a financing package totalling $900 million offered by KFAED to fund the development of projects in Sinai.
The project is set to begin early 2017 and is slated for completion before the end of 2019, according to KFAED director general Abdulwahab Ahmed Al-Bader.
One of the plants will produce 20,000 cubic meters per day (cmpd), while the other four plants will produce 10,000 cmpd in Ras Sidr, Abu Zenimah, Dahab, and Nuweiba, according to the statement.
