Sisi signs agreement to fund agriculture development in Sinai

CAIRO – 9 November 2017: President Abdel Fatah al-Sisi signs a loan agreement between Egypt and Arab Fund for Economic and Social Development (AFESD) to finance the water supply project and the development of the agricultural system in the Sinai Peninsula.

Sisi also issued a decree to consider the lift of the sewage stations in Qalyubia from public utility.

On April 5, 2016, Egypt and AFESD, a Kuwait-based pan-Arab development finance institution, signed two financing agreements worth KWD 110 million ($363 million). The agreement is in the fields of irrigation, agriculture and electricity. It was signed by Egypt's Sahar Nasr, minister of international cooperation and Kuwait's Abdul Latif al-Hamad, director of the Arab Fund for Economic and Social Development.

The first agreement is worth KWD 50 million to contribute in the financing of the water supply project and the development of the agricultural system in the Sinai Peninsula as part of the Sinai Peninsula Development Project.

The second agreement includes the financing of KWD 60 million to contribute in the Damanhour Power Generation Project with a combined cycle (1800 megawatt).

Besides, the parliament approved in June presidential decree No. 501 on the KWD 300,000 ($988,000) aid package provided by the Arab Fund for Economic and Social Development (AFESD) to the Ministry of International Cooperation. The aid package will be directed towards demining Egypt’s northwestern coast.

The funding aims to support sustainable development and provide employment opportunities for landmine victims to improve their socio-economic conditions.

The Ministry of Investment and International Cooperation will implement the project and coordinate with all competent authorities.

On April 19, Minister of Investment and International Cooperation, Sahar Nasr and AFESD director general Abdel Latif Youssef al-Hamad penned an agreement worth KWD 26 million on the sidelines of the annual meeting of the Arab Financial Institutions in Morocco.