Egypt has signed a loan agreement worth 60 million Kuwaiti dinars (around US$199.4 million) with the Kuwait’s Arab Fund for Economic and Social Development (KFAED) on Wednesday.
The agreement was signed by Egypt’s International Cooperation Minister Naglaa Al-Ahwany and KFAED’s director-general Abdlatif Al-Hamad.
The loan is designated to finance a power plant project in West of Cairo.
The agreement will see the Kuwaiti fund provide Egypt with aid worth 200,000 Kuwaiti dinars (approximately US$664,700) dedicated for Ain Shams Specialized Hospital. It was signed on the sidelines of the annual meeting of joint Arab financial institutions.
Egypt has been facing an energy crisis for years, with power outages surging in the summer.
Power plants are in dire need of maintenance and there is a need to build more plants to meet increasing demands.