Kuwaiti Fund to Offer Loan to Egypt
The Kuwaiti fund for economic development will sign on Saturday a ten-million Kuwaiti dinar (about $32m) fund loan with Egypt, reported Kuwaiti official news agency (KUNA).
The sum is allocated to aid government plans to construct new schools and education facilities. Since 1964, Egypt signed 21 loan agreements with the fund, amounting to 948.9 million dollars, said the agency, quoting the fund’s director, Bader Al Hmaidhi.
The loan will aid the Jaber duct project that would irrigate 400,000 acres in Sinai. It is the greatest joint project between the two states, said the report.
Kuwait had granted three loans at a total of 237.8 million dollars, it added – Albawaba.com
- Arab Fund Grants $88m Loan to Egypt
- Egypt's long wranglings with IMF to be completed within two months, other lenders offer assistace
- Kuwaiti Plans New Charity Projects in Egypt
- Kuwait to loan Egypt $1.5B for Sinai development projects
- Egypt Gets Loans from Saudi, Kuwaiti Funds to Finance Development Projects