Egypt negotiating Kuwait Fund for three development projects in Sinai

Egypt’s Ministry of International Cooperation is in talks with the Kuwait Fund for Arab Economic Development (KFAED) to help finance three new development projects in Sinai.

The three projects are; to upgrade a fishing port in Al-Tor city, develop a road, and extend electricity lines to 17 compounds in North and South Sinai, a government source told Amwal Al Ghad on Wednesday.

Cooperation between Egypt and the Arab funds is seeing significant progress, the government official said, referring to $105 million deal signed recently with the Kuwait Fund to finance the establishment of five desalination plants in South Sinai.  Egypt has also signed a $126 million with the Kuwait Fund late July to finance East Port Said desalination plant.

Earlier in April, Egypt signed 10 agreements and memoranda of understanding with the Saudi Public Investment Fund and the Saudi Fund for Development to finance development projects in the Sinai Peninsula.