Abu Dhabi Fund to commit $500 mln to Sinai water desalination project

Egypt is to sign a $500 million agreement with Abu Dhabi Fund for Development soon to finance building a water desalination station in Sinai, international cooperation minister announced Sunday.

The loan is part of the Arab funds’ planned financing package for the development of Sinai Peninsula, Egyptian Minister of International Cooperation Sahar Nasr told Amwal Al Ghad.

Egypt will sign another $100 million loan agreement to finance developmental projects in Sinai with the Kuwait Fund for Arab Economic Development by the end of this month, Nasr added.

The agreement will be signed after Egyptian government completes all the feasibility study on the Sinai water desalination project.