Intl cooperation Minister , Kuwaiti Ambassador review KFAED's projects in Sinai

International Cooperation Minister Sahar Nasr reviewed with new Kuwaiti Ambassador in Cairo Mohammed Saleh al Zuwaikh the most important projects implemented by the Kuwait Fund for Arab Economic Development (KFAED) in Egypt.

During their meeting on Thursday, the two sides discussed a number of development projects currently implemented in the water desalination, roads and electricity fields in Sinai.

For her part, Nasr stressed the depth of Egyptian-Kuwaiti ties, lauding Kuwait's stances in support of Egypt and Kuwaiti Emir Sabah bin Ahmed al-Sabah's efforts to shore up the development march in Egypt.

Amb. Zuwaikh underlined his country's keenness on promoting cooperation with Egypt to meet the aspirations of the Egyptian and Kuwaiti peoples. 

In May, Egypt and Kuwait's KFAED signed a 100-million-dollar loan agreement to finance the construction of five water desalination stations in South Sinai.

The international cooperation minister said the loan is part of a financing package totaling 900 million dollars offered by the Kuwaiti fund to implement development projects in Sinai.

The loan will be repaid over 25 years with a five-year grace period and a two percent interest rate.

Source: MENA