Egypt parliament endorses Germany, South Korea, JICA, Kuwaiti Fund $3.5bn deals
Egyptian parliament has endorsed Tuesday four cooperation agreements totalling $3.5 billion signed with Germany, South Korea, Japan, and the Kuwait Fund for Arab Economic Development (KFAED).
Signed on May 29, Egypt and Germany signed a financial cooperation worth €65 million (around $70 million). The agreement is designated to finance a number of vital projects related to renewable energy, drinking water, sanitation, women empowerment, development of slums as well as small and medium-sized businesses in the North African country.
For the South Korean agreement, it was signed on March 3rd at value of $3 billion, marking as a framework for a future cooperation with the Export–Import Bank of Korea (Korea Eximbank).
Signed on May 31st, Egypt signed an agreement worth 29 million Kuwaiti dinars (around $100 million) with the Kuwaiti Fund aimed to finance the establishment of five desalination plants in South Sinai.
The Egyptian parliament further ratified exchange of letters signed in Tokyo with Japan International Cooperation Agency (JICA) at value of ¥18.2 billion (around $152 million), aimed to finance a project to upgrade Borg El Arab International Airport, in Alexandria.
