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Publish Date : 21-Nov-2017

On 19 November 2017, on the sidelines of her official visit to Kuwait, the Minister of Investment and International Cooperation Dr. Sahar Nasr signed two agreements worth KWD 17.5 million (equivalent to approximately EGP 1 billion) with Director of the Kuwait Fund for Arab Economic Development (KFAED) MR. Abdul-Wahab Al-Badr, in presence of the Minister's Assistant Ms. Ghadeer Hegazy. The Minister indicated that the first agreement was for financing projects of water network in Al-Arish worth KWD 12.5 million, within the framework of the Egyptian government's Sinai Peninsula Development Program.

She also mentioned that the project aimed to develop the water infrastructure in Al-Arish to cope with the increasing population there until 2037 which would contribute to enhancing sustainable development in various sectors. Such funds, added Dr. Nasr, came within the framework of the financing program worth USD 900 million over 3 years with contribution from KFAED so as to finance the Sinai Peninsula development projects.

The second agreement, as mentioned by the Minister, was an annex to the financing agreement for the North Sinai's 400 thousand feddans reclamation project worth KWD 5 million. The project aims to make sustainable developmental and social impact in Egypt, in general, and North Sinai, in particular, which, in turn, would result in providing graduates with job opportunities and establishing a residential community there so as to develop the Sinai community by increasing the agricultural land. This is in addition to helping farmers by facilitating the movement of their crops to markets, facilitating access of fertilizers and pesticides and increasing livestock, besides providing more than 5000 individuals with job opportunities and encouraging investments in the area.

On his part, Mr. Al-Badr reiterated KFAED's keenness on supporting projects in Sinai, noting that KFAED supported Egypt with approximately USD 2.763 billion so far for financing 44 projects in several areas, in addition to 15 technical grants worth about USD 52 million.

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