Cairo – Mubasher: Egypt has so far received KWD 1.3 billion ($5 billion) in total finances from the Arab Fund for Economic and Social Development (AFESD), the chairman Abdel Latif Al Hamad said.
The $800 million Bahr El-Baqar project, which will transport fresh water from west to east Sinai, is one of the largest AFESD-financed projects in Egypt, local newspaper Al Masry Al Youm reported, citing Al Hamad as saying.
Total finances provided by AFESD to Arab countries reached KWD 10 billion ($35 billion), he added on the sidelines of the Annual Conference of the Economic Research Forum held in Kuwait.
He said that AFESD would not finance budget deficit either directly or indirectly, noting that it financed 25 projects in the region, including Egypt.
In Egypt, AFESD is focusing on electricity, power, and infrastructure projects, Al Hamad added, affirming the fund’s interest in providing technical consultation to megaprojects such as Suez Canal Area Development Project.
Al-Sharqia Sugar Manufacturing Company (ASSM) is the latest private project financed by the fund in Egypt, the Arab world's most populous country.
Low-income countries are given loans at a 2% interest rate, while average-income nations are given 2.5% interest rate loans over a 30-year repayment period, with grace periods ranging from five to seven years, he added.
AFESD’s capital reaches KWD 2 billion, with Kuwait being the largest shareholder, followed by Saudi Arabia, while Egypt is the fourth largest shareholder.
