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UAE allocates EGP 1.8bn for Egyptian development projects - Daily News Egypt

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UAE allocates EGP 1.8bn for Egyptian development projects

Egypt received 25% of the total figure to finalise the projects before the end of the year

Minister of State for Local Development Adel Labib
Minister of State for Local Development Adel Labib

The United Arab Emirates has allocated EGP 1.8bn to finance 135 water sanitation projects in nine governorates in Egypt, Minister of State for Local Development Adel Labib announced Sunday.

Labib told state television that an agreement has been signed between the ministry, the National Organisation for Potable Water and Sanitary Drainage (NOPWASD) and the UAE government.

Around 25% of the total figure was provided to the Egyptian government as a first installment.

Labib added that the projects will be implemented in governorates including Sharqeya, Gharbeya, Beheira, Menufiya, Assiut, Sohag, Qena and Luxor.

The projects are expected to be finalised before the end of this year.

On Sunday, Labib said that several projects, located in New Valley City, will be announced during the economic summit, which will take place in February.

A day earlier, the Egyptian government signed three agreements worth $350m with Saudi Arabia on Saturday for electricity projects in and commodity export to Egypt.

The three agreements included two agreements totalling $100m for the financing of two electricity stations projects in north Egypt, at western Damietta and El-Shabab.

A funding agreement has also been reached between a Saudi fund and the General Petroleum Authority, worth $250m of Saudi exports to Egypt. The interest price of these loans is 2% annually, with a repayment period of 20 years, including a five-year grace period.

Last Monday, Minister of Finance Hani Kadry Dimian said that he “can’t confirm” the circulated news that Egypt received $1bn aid from Kuwait. He added that when the government ratified the fiscal year 2014/2015 state budget, it did so without relying on additional financial assistance from other countries.


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