Kuwait fund signs $42.5m loan for Egypt water deal
Project will provide drinking water in the Sinai Peninsula, one of Egypt’s most restive areas
The Kuwait Fund for Arab Economic Development (KFAED) has signed a loan agreement worth $42.5 million with Egypt to fund the development of a project that will provide drinking water in the Sinai Peninsula, it has been announced.
Targeting some of Egypt’s most underdeveloped areas, the project will help improve the quality of life in a region that has been plagued with terrorism, said Dr Sahar Nasr, Egypt’s Ministry of Investment and International Cooperation.
“The only solution to counter terrorism is through economic and social prosperity,” she said.
Abdulwahab Al-Bader, director general of KFAED, said that Al-Arish, the capital city of the Sinai Peninsula, which suffers from a lack of drinking water, will also be included in the project, according to a report from WAM.
He was also quoted by the Kuwait News Agency (KUNA) as saying that the loan deal was the 45th that Egypt had received from the Kuwaiti fund, with a collective value of $2.8 billion.
