Egypt, Kuwait ink EGP 5bn deals
Cairo – Mubasher: Egyptian investment minister Sahar Nasr has signed five agreements worth a combined of KWD 86.1 million (EGP 5 billion) with the director general of Kuwait Fund for Arab Economic Development (KFAED) Abulwahab Al-Bader to bolster the Sinai Peninsula’s development programme.
The first agreement, valued at KWD 60 million, will be used to finance Sharm El Sheikh’s tunnel road project, according to a statement by the ministry on Tuesday.
The second deal, worth KWD 17.5 million, will be allocated for financing a road project that aims at improving transportation inside Sinai, as well as between the peninsula and the other regional units of Egypt.
The third deal is a KWD 500,000 grant to support the second phase of the strategic documents centres’ activities and bolster the Egyptian Cabinet’s decisions, as well as documenting economic and social reform programmes in Egypt, according to the statement.
The fourth deal is a KWD 100,000 grant to study the palm cultivation and date production project in Egypt by benefiting from the groundwater reserve in agriculture, introducing new technologies through producing innovative industries, and creating new jobs.
The fifth agreement, worth KWD 7 million, aims at supporting the transport sector, upgrading the train fleet, and financing 100 new tractors in the railway sector.
The KFAED has financed around 45 projects in Egypt now in the fields of electricity, transport, industry, and water with a total $2.8 billion in funds, in addition to grants and technical support of $13.5 million, Al-Bader indicated.
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