KFAED loans Egypt $236 million for canal development
The Kuwait Fund for Arab Economic Development (KFAED) has granted the government of Egypt a $236 million loan for the construction of an inland waterway across the Suez Canal. The channel will be used to transport water from west of the Suez canal to the east, reported KUNA.
KFAED hopes the facility will strengthen Egypt’s agricultural policy and increase food security with the reduction of imports and an increase in the country’s fruits and vegetable exports.
KFAED was established in 1961 as the State of Kuwait’s agency for the provision and administration of financial and technical assistance to developing countries. The operations of the Fund were originally confined to Arab countries.
In 1974 the scope of the Fund's activity was extended to the rest of the developing world, and its capital was increased from 200 million Kuwaiti dinars to one billion dinars ($3.25 billion). — (menareport.com)
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