Egypt Cabinet endorses Kuwait Fund’s planned $100 mln Sinai loan

Egyptian Cabinet approved on Thursday a soft loan agreement worth $100 million, which will be signed by end of this May with the Kuwait Fund for Arab Economic Development.

The loan is designated to finance developmental projects in Sinai Peninsula including a water desalination station, Egyptian Minister of International Cooperation Sahar Nasr said in a statement on Thursday.

Nasr further said the loan would be paid over 20 years, with a grace period of five years.