Egyptian president approves Kuwait fund for Arab economic development loan

Egyptian President Adly Mansour on Sunday issued a decree approving an agreement by virtue of which Kuwait Fund for Arab Economic Development (KFAED) will offer the Egyptian government a KD 30 million loan. The loan will be used in financing the control system of the Egyptian railways with a view to improving the safety level and maximize benefit from the railway network, Egyptian Presidential Spokesman Ihab Badawi said in a press release. The project will help transfer the movement of individuals and goods from the roads to railroads, thus cutting down the costs of transport, easing traffic jams and curbing the environment pollution, the spokesman added. The agreement, first initialed on October 2, 2013, needed the presidential approval to take force, he said.