Kuwaiti fund inks 5 deals worth 5 bln pounds for Sinai developments projects

Egypt’s Investment and International Cooperation Minister Sahar Nasr signed  five agreements worth 86.1 million Kuwaiti dinars (5 billion Egyptian pounds and $287.2 million) with the Kuwait Fund for Arab Economic Development (KFAED) for development projects Sinai Peninsula.

The first agreement, worth 60 million Kuwaiti dinars, will fund a tunnel in Sharm El Sheikh as part of Sinai Peninsula development programme

The second agreement signed  with the KFAED, amounting to 17.5 million Kuwaiti Dinars, will be directed to establishing a road.

The Sinai development programme includes the establishment of King Salman University in Tour City, nine housing units in Sinai Peninsula, four subways for linking the development axis highway with the coastal road along 61 km, and a development axis highway along 90 km to serve new housing units in the East of Suez and to connect them to the West, besides the completion of King Salman University.

This is in addition to establishing 13 agricultural zones in Sinai Peninsula with a total amount of $106 million, including 11 in North Sinai and 2 in South Sinai, to cultivate 23 million square metres, to make use of human capacities in development, and to provide youth with job opportunities.