Kuwait Fund says to pump $300mn into Egypt this year

Kuwait Fund for Arab Economic Development (KFAED) is planning around $300 million developmental assistance package to Egypt next financial year that will start in April 2016, the fund’s director general announced Tuesday.

Abdulwahab Al-Bader further told Amwal Al Ghad that his fund would increase its finances in the country if Egyptian authorities speeded up the implementation of agreed projects.

The Kuwait Fund’s top priority is to contribute to carrying out water desalination and road projects in Sinai region, Al-Bader added.