Kuwait to loan Egypt $1.5B for Sinai development projects
The $1.5 billion loan will be distributed over a five year period. (Al Bawaba/File)
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Egypt will finalize loans worth a total of $1.5 billion with Arab funds to finance development projects in the Sinai region, state news agency MENA reported on Sunday, citing International Cooperation Minister Sahar Nasr.
Abdel Wahab Badr, director of Kuwait Fund for Arab Economic Development (KFAED), said in a press conference in Kuwait on Sunday that his fund's contribution to Sinai’s development would come from the $1.5 billion that was allocated in April to be spread over five years, delivering $300 million per year.
Kuwait, along with Saudi Arabia and the United Arab Emirates, has supported Egypt with billions of dollars in aid following the ouster of Muslim Brotherhood president Mohamed Morsi.
Earlier this month, Prime Minister Sherif Ismail signed a $3 billion loan deal with the World Bank as part of the bank's $5 billion lending package to the country.
The first tranche of the loan, amounting to $1 billion, will be delivered to Egypt before the year's end, while the remaining amounts will be disbursed over the next three years, Nasr said during the event on Saturday.
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