KFAED funds KWD 17.5M to North Sinai development

CAIRO - 19 November 2017: Minister of Investment Sahar Nasr signed Sunday two KWD 17.5 million ($57.8 million) agreements with Kuwait Fund for Arab Economic Development (KFAED) for the development projects in North Sinai.

The first KWD 12.5 million-agreement will finance connecting water networks in Al-Arish City, as part of the government's program to develop North Sinai, a statement from the Ministry of Investment said.

Meanwhile, the second KWD 5 million-deal will be used in the reclamation project of 400,000 feddans in the governorate to improve the development and social aspects in North Sinai.

The funding comes within a $900 million deal between Egypt and KFAED to finance development projects in the Sinai Peninsula over three years.

Targeting the improvement of living standards in the peninsula, the program will contribute in increasing the arable area, creating a residential complex and introducing job opportunities.

The KFAED has so far contributed $2.76 billion to Egypt for 44 development projects, in addition to 15 technical grants at the value of $52 million.