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$65m fund from Kuwaiti Fund for Arab Economic Development - Daily News Egypt

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$65m fund from Kuwaiti Fund for Arab Economic Development

Finances will be provided to two projects in the agriculture and seawater desalination sectors

On Thursday, Minister of Investment and International Cooperation Sahar Nasr signed two agreements of cooperation worth $65m with Abdulwahab Al Bader, director general of the Kuwaiti Fund for Arab Economic Development, in the presence of Minister of Housing Mostafa Madbouly. These agreements include financing of KDW 18.5m ($64.6m) and a grant worth KDW 100,000 ($340,000).

Nasr pointed out that the initial agreement is worth KDW 18.5m is to complete the financing needed for the construction of a seawater desalination plant at a capacity of 150,000 cubic metres per day in east Port Said. This is to meet the demand of drinking water in east Port Said—which will be established to serve urban, commercial, and industrial activities. Nasr added that the construction operations are planned to be completed by the end of 2019.

The second agreement is a grant worth KWD 100,000 for financing the applied project for organic farming technology and bio-oil crops in the North Sinai governorate. This comes under the Ministry of Agriculture’s efforts to expand the bio-production of vegetable oils technology in North Sinai governorate—due to the availability of lands and water needed for agriculture and specialised labour, which will contribute to reducing the gap between the domestic consumption and production of vegetable oils. This will support the Egyptian government’s development plans in Sinai, according to Nasr.

This project is the second project financed by the Kuwaiti Fund for Development as a contribution in the development programme of Sinai after establishing five water desalination plants in South Sinai through which the Kuwaiti Fund provided financing worth $100m.


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