Minister of Investment and International Cooperation Sahar Nasr signed an agreement with the Arab Fund for Economic and Social Development over the provision of 26m Kuwaiti dinars (around $85m) during her current visit to Morocco to participate in the Annual Meeting of Arab Financial Institutions.
Nasr stated that the agreement would finance the establishment of a solar power plant with a capacity of 50MW in Kom Ombo, Aswan.
The new plant is part of the governmental programme to increase the energy generated from renewable sources instead of regular plants that depend on fossil fuels, according to the ministry’s press statement issued on Wednesday. The new capacity of energy will help the country to fulfil the increasing demand without causing any further pollution.
Nasr emphasised the deep relationship and the lasting cooperation between the government of Egypt and the fund, which allocated approximately $5.25bn to finance a total of 59 projects, 20 of which are currently under development. Nasr stated that the projects would enhance the growth of the Egyptian economy, besides its social dimension that will improve the living conditions for a lot of Egyptians.
Moreover, the minister held a meeting with the director general of the Kuwait Fund for Economic Development, Abdulwahab Ahmed Al-Bader.
According to the statement, they discussed the fund’s contributions to Egypt through the financing of small and medium enterprises.
Both sides agreed to focus the next wave of financing on the projects that have a social dimension.
The signed agreements between Egypt and the Kuwaiti fund are worth $3bn, which provided financing for 42 projects besides 12 grants worth $52m.