The loan will help finance Egypt’s South Helwan Power Project
The Kuwait Fund Arab Economic Development (KFAED) has signed a loan with Egypt worth 30 million Kuwaiti dinars ($100m) to fund a power plant project, according to Amwal Al Ghad.
The loan will help finance Egypt’s South Helwan Power Project worth $1.7 billion (around 14 billion Egyptian pounds) and the loan will garner 2.5% interest per year with a five-year grace period to be paid over 20 years.
The project is also being co-financed by the World Bank with a loan of about $503.8 million, the Islamic Development Bank with $450 million, the Arab Fund with 55 million Kuwaiti dinars, the KFAED with 30 million Kuwaiti dinars, and the African Development Bank with $90 million.
It will add around 1,950 megawatts to Egypt’s national grid was signed by Egyptian Minister of International Cooperation Sahar Nasr and Abdulwahab Ahmed Al-Bader, Director General of Kuwait Fund, in the presence of Egyptian Minister of Electricity Mohamed Shaker.
This takes the volume of cooperation portfolio between Egypt and the Kuwait Fund to 720 million Kuwaiti dinars ($2.6 billion), and comprises of 41 projects in several economic and social sectors.