Mubasher: Kuwait Fund for Arab Economic Development (KFAED) has signed two credit facility agreements with the Egyptian government at a total value of KWD 40 million on Saturday, according to the official website of Kuwait Fund.
The first loan is worth KWD 15 million ($50 million) including funding the construction of four water desalination plants in South Sinai, Kuwait Fund said.
The other loan deal is valued at KWD 25 million ($85 million).
The agreement was signed by Egyptian investment and international cooperation minister Sahar Nasr and Kuwait Fund’s general director Abdulwahab Al Badr on the sidelines of Africa 2018 conference held in Sharm El Sheikh.
The original and additional loan agreements cover the building of four water desalination stations in Bahr Al Baqar water network in South Sinai for both human and agriculture usage.
Kuwait Fund noted that building these projects will create about 100,000 job opportunities with the stations expected to be completed by 2022.
