Kuwait Fund Delegation in Cairo to Discuss New Aid Package to Egypt

A delegation from the Kuwait Fund for Arab Economic Development arrived in Cairo on Saturday evening to discuss a new Kuwaiti aid package to Egypt during the upcoming period.

According to Egyptian sources, the delegation, headed by Mohamed Yassin Abdel-Aal, the Legal Adviser at the Kuwait Fund, will meet a number of Egyptian officials during their visit to Egypt that will take place over several days.

The delegation is also set to follow up on the implementation of some projects of cooperation between Egypt and the Kuwait Fund.

The Kuwait Fund has given Egypt about 36 loans and grants since the beginning of the Kuwait Fund’s activities in 1964. The most recent loan agreement was signed last October, and provides a 30 million Kuwaiti dinar loan, or US$102 million, to finance the development of the control and signals system, on the railway lines.

The term of the loan is 25 years, including a payment period of five years. It shall be paid back over 40 semi-annual installments, with a 2% interest.