Egypt negotiating $60 mln supplementary loan from Kuwait Fund

Egypt is negotiating a $60 million supplementary loan from the Kuwait Fund for Arab Economic Development (KFAED) to help implement a desalination plant in East Port Said, a government source told Amwal Al Ghad on Wednesday.

The loan will be a supplement to the KFAED loan agreement worth around $100 million signed by the Egyptian Ministry of International Cooperation earlier in late 2016.

“The talks with the Kuwait Fund are in final stage; the two parties are expected to sign an agreement in the coming two weeks.” the sources added.

The KFAED is one of the most active Arab funds in terms of financing development projects in Egypt, the source said. The cooperation portfolio between the Kuwait Fund and Egypt currently exceeds $3 billion approximately, in favour of 43 projects in the North African country, the source explained.