Egypt negotiating $300 mln first tranche of Abu Dhabi Fund’s Sinai loan

Egypt’s Ministry of International Cooperation is negotiating to receive the first tranche of an Abu Dhabi Fund for Development (ADFD) loans geared for development projects in Sinai, a government source told Amwal Al Ghad on Thursday.

The first stage of ADFD loan will include financing an advanced greenhouse farming project, in addition to a triple water treatment plant for Al-Salam Canal, at total cost of $300 million, the source added.

The Egyptian ministry has formerly signed a $1.5 billion financing deal with the Saudi Fund for Development in favour of projects for the development of Sinai.

The Kuwait fund for Arab Economic Development (KFAED) had also signed agreements in a pledged series of projects for the development of Sinai, including a water desalination plant in East Port Said and five other plants in Sinai.

In 2015, several Arab funds pledged $1.5 billion to finance developmental projects in Sinai, including the Kuwait Fund for Arab Economic Development, the Abu Dhabi Fund, the Arab Fund for Economic and Social Development and the Islamic Development Fund.