Egypt Gets Loans from Saudi, Kuwaiti Funds to Finance Development Projects
The Saudi Development Fund has approved a SR 100 million ($26.7m app.) loan to Egypt to finance the establishment and equipping of education facilities, according to Business Today monthly.
The loan's payback deadline is 20 years with a grace period of 5 years and a soft interest rate of 2 percent per annum.
According to the English magazine, the Fund has previously contributed to several national projects in Egypt, including the Sinai electricity plant and the Cairo-Assiut highway, but this loan is the Fund's first contribution to a social development program.
Meanwhile, the BT also reported in its August issue that the Egyptian government had signed a loan agreement worth $32.5 million with the Kuwait Fund for Arab Economic Development (KFAED). The loan will finance the construction of 70 schools in 13 different governorates. The total cost of the project is approximately LE 166.4 million ($39.6m), of which KFAED will provide 75 percent. The loan would be repaid over a period of 30 years, with a grace period of 4 years and an annual interest rate of 2 percent, said the monthly -- Albawaba.com
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