Kuwait secures $119 mln for East Port Said desalination plant project

Egypt signed Saturday an agreement worth KWD 35 million ($119 million) with Kuwait Fund for Arab Economic Development (KFAED) for establishing a desalination plant in East Port Said.

The agreement, signed by assistant to Egyptian Minister of International Cooperation Shehab Marzban, aims to finance the first phase of the desalination project in East Port Said.

The signing is within the framework of negotiations with the KFAED’s mission, which includes technical and legal experts to discuss the establishment of a desalination plant in East Port Said with an initial cost of $211 million.

The project aims to provide necessary water to new housing compounds and anticipated industrial zones to be established in the area through pumping 150,000 cubic metres of water per day.

This agreement is provided under the KFAED’s financing package worth $900 million over three years, which will be allocated to financing the Sinai Peninsula development programme.