Egypt secures $85 mln loan from Kuwait’s development fund

Egypt’s government and Kuwait Fund for Arab Economic Development (KFAED) on Saturday have signed  loan deal worth $85 million to finance a road project, according to Mubasher.

This project is part of Sinai’s development flagship, the Kuwait News Agency (KUNA) reported.

The road project is aimed at developing Egypt’s road network to boost road safety and reduce operating costs.

The latest loan is the fifth-second to be offered by the KFAED to Egypt, increasing total finance provided by the fund to the North African country to $3.5 billion.