Kuwait- KFESD signs USD 174.2 mln loan agreement with Egypt
Date
12/20/2015 9:08:15 AM
(MENAFN- Kuwait News Agency (KUNA)) KUWAIT Dec 20 (KUNA) -- The Arab Fund for Economic and Social Development (KFESD) signed a KD 45 million (approximately USD 174.4 million) loan agreement with Egypt to fund a sewage project in Giza Governorate.In a press statement on Sunday KFESD said that the project aims at limiting pollution in the River Nile.The project will consist of the establishment and rehabilitation of water collection points water supply pipes to homes and 40 water treatment plans.The loan will have an annual interest rate of 3 percent with a grace period of five years.KFESD's financial contribution to development projects in Egypt has amounted to KD 1.3 billion (USD 4.2 billion).The loan was signed by Egypt's Minister of International Cooperation Sahar Nasr and KFESD's Chairman of the Board of Directors Abdulatif Al-Hamad. (end) ht.nfm
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