Cairo – Mubasher: Egypt has signed a KWD 60 million ($200 million) financing with Kuwait-based Arab Fund for Economic and Social Development (AFESD) for the development of the national electricity grid.
The deal was signed by Egyptian investment minister Sahar Nasr and AFESD chairman Abdlatif Yousef Al-Hamad on the sidelines of the 2018 Spring Meetings of the World Bank held in Washington, according to a statement.
The project aims to meet the growing demand for electricity in the North African nation through developing and expanding electricity grids, Nasr said.
For his part, Al-Hamad noted that total funding of the AFESD to Egypt reached around KWD 1.5 billion ($5 billion) now.
In April 2018, Nasr had said that the AFESD approved KWD 825,000 ($2.8 million) in grants to Egypt.
