Sunday, 21 July 2019 10:32 GMT

Loan agreement of USD42.5m inked by Kuwait, Egypt

(MENAFN) A loan agreement with Egypt worth USD42.5 million has been signed on Sunday by the Kuwait Fund for Arab Economic Development, (KFAED) to fund a project that will provide drinking water in the Sinai Peninsula.

The project is targeting some of Egypt's most underdeveloped areas, including the Sinai Peninsula's capital city of Al-Arish, which suffers from a shortage of drinking water; KFAED's Director General Abdulwahab Al-Bader was quoted as saying by the Emirates official news agency Wam.

The loan deal was the 45th that the Arab world's most populous nation has received from the Kuwaiti fund, with a collective value of USD2.8 million, he added.


Loan agreement of USD42.5m inked by Kuwait, Egypt


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