EXCLUSIVE: Arab funds’ shares for Sinai development projects

Arab funds have determined the size of their contributions, totalling US$1.5 billion, to development projects in the Sinai region, sources from the Egyptian Ministry of International Cooperation told Amwal Al Ghad Thursday.

The sources said the Arab Fund for Economic and Social Development (AFESD), Abu Dhabi Fund for Development (ADFD), the Saudi Fund for Development, and the Kuwait Fund for Arab Economic Development (KFAED) would secure US$300 million each for the Sinai projects.

Furthermore, the Islamic Development Bank (IDB) and OPEC Fund for International Development (OFID) shall provide the remaining funds worth US$300 million, the sources added.

Officials from the IDB and OFID will visit Egypt early January to resume talks to finance Sinai development schemes, the sources said.