Volume of Kuwait Fund's contributions to development projects in Egypt worth $3.6B

CAIRO – 27 September 2021: Kuwait Fund for Arab Economic Development (KFAED) has supported the development of 54 projects, amounting to $3.6 billion since the start of its cooperation with Egypt in 1980, according to the Director General of the Kuwait Fund for Arab Economic Development (KFAED), Marwan Alghanem.

Alghanem clarified that the supported projects come across several sectors namely, health, transportation, agriculture, water, petroleum, mineral resources, water and sanitation, alongside 14 grants and technical support agreements worth $48.6 million.

Alghanem also pointed out that the KFAED is a key partner for Egypt, emphasizing the volume of work and achievements in megaprojects.

He applauded the development boom and mega projects that Egypt is witnessing, such as the Bahr El- Baqar Wastewater Treatment Plant, alongside the developments made in the New Administrative Capital (NAC).

This came during Egypt’s Minister of International Cooperation Rania A. Al-Mashat meeting with the Director General of the Kuwait Fund for Arab Economic Development (KFAED), Marwan Alghanem, on his first visit since assuming his new position.

During the meeting, Al-Mashat stressed Egypt’s commitment to cooperation with the KFAED, and that more partnerships, opening the door to further development, are in the pipeline.

Al-Mashat added that the Government of Egypt is keen on developing more cooperation with KFAED, as one of the country’s most important development partners; thanking the fund for its prominent role in supporting development efforts through financing national projects.

Al-Mashat and Alghanem reviewed the development projects receiving financing from the KFAED, most notably those in the Sinai Peninsula’s development program; overall, the development financing portfolio with the fund amounts to $1.5 billion allocated to covering 27 projects. This emphasizes the Ministry of International Cooperation’s keenness in strengthening cooperation plans that go hand in hand with the Government of Egypt’s inclusive sustainable development progress and infrastructure development.

The Minister shared that through cooperation with the KFAED, Egypt implemented several projects in the Sinai Peninsula, including the completion of the new Sharm El-Sheikh Tunnel Road, the Transverse Road 4, the Bahr El-Baqar Wastewater Treatment Plant, and two water desalination plants in Rafah and Bir Al-Abd.

During the meeting, they discussed means of enhancing cooperation with the KFAED for projects implemented under the “Decent Life” Presidential Initiative, alongside the continuation of phase 1 and phase 2 projects for the Sinai development program; noting that the coming period will witness more opportunities with the fund, in accordance with national development priorities.

Al-Mashat also expressed that through the principles of Economic Diplomacy, the Ministry of International Cooperation, aims to continuously strengthen cooperation with development partners with the Global Partnerships Narrative that puts “People at the Core”, through “Projects in Action” and with“Purpose as the Driver”.  Alghanem shared that partnerships with the KFAED can stand to be an incentive in enhancing the participation of private sector engagement in development projects. 

Touching on the Egypt — International Cooperation Forum (Egypt — ICF) held on September 8 and 9, under the patronage of Abdel Fattah El-Sisi, the President of the Arab Republic of Egypt, the Minister expressed that the KFAED should participate in the forum’s second edition so that others can benefit from the fund’s experiences.