Arab Fund to commit $82 million for Sinai development projects

The Kuwait-based Arab Fund for Economic and Social Development (AFESD) is studying contributing 25 million Kuwaiti dinars ($82 million) to development projects in the Sinai Peninsula, its chairman Abdlatif Y. Al-Hamad announced Monday.

The Arab Fund intends to take part in financing ‘ambitious’ development projects in Sinai in sectors of reclamation and drinking water, Al-Hamad said on the sidelines of Economic Research Forum’s annual conference in Amman, Jordan.