Kuwaiti Fund To Grant Egypt $100 M Loan For Power Station

Big 5

The Kuwait Fund for Arab Economic Development (KFAED) will grant Egypt a $100 million concessional loan for the West Cairo power station, Ministry of International Cooperation spokesperson Mohamed Hassan said Sunday.

Director General of the KFAED Abdul Wahab Al-Bader is scheduled to visit Egypt within the coming weeks in order to sign the loan agreement, according to the ministry.

Minister of International Cooperation Naglaa Al-Ahwani made the agreement on the sidelines of the International Monetary Fund’s (IMF) 2014 Annual Meeting which took place 7-11 October in Washington DC. During the meeting, she discussed with Al-Bader methods of boosting cooperation between both parties.

In April, the international cooperation ministry has also signed a KWD 30m loan agreement with the KFAED to help finance the upgrade of the Assiut power plant.

Since former president Mohamed Morsi’s ouster in July 2013, Kuwait has given Egypt a $1bn non-refundable grant and a five-year $2 billion deposit to the Central Bank of Egypt (CBE). Kuwait also supplied Egypt with $1bn worth of petroleum products, bringing the total value of aid from Kuwait to $4bn.

Source: Daily News Egypt