Egypt, Kuwait Fund for Arab Economic Development sign $ 108m loan deal

Egypt and the Kuwait Fund for Arab Economic Development (KFAED) signed on Tuesday a 108 million dollar loan deal for financing the 1.7 billion dollar power station in south Helwan.

International Cooperation Minister Sahar Nasr – who inked the deal – said the loan's interest rate is 2.5 percent annually.

The loan will be repaid in 20 years with a five-year grace period, she said.

The south Helwan power station will add about 1,950 megawatts to the national grid, she said, adding that the project will contribute to accomplishing economic and social development plans. 

The volume of cooperation portfolio between Egypt and KFAED stands at 2.6 billion dollars. The fund contributes to bankrolling 41 projects in Egypt in the various economic and social domains.