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FinancialNews
28-01-19
Kuwait Fund to grant Egypt USD1b in direct soft loans
(MENAFN) Egypt will receive USD1 billion in direct soft loans from the Kuwait Fund for Arab Economic Development over a three-year period.
The Kuwaiti fund decided to grant the soft loans for Egyptian initiatives related to various fields, such as electricity, water, transport, communications and irrigation.
According to the fund's director-general Abdulwahab Al-Bader, "the Fund looks forward to increasing cooperation with Egypt, especially in the implementation of development and service projects in different sectors (in the) coming period."
It comes after five deals worth USD287 million were penned last year between Al Bader and Egyptian Minister of Investment and International Cooperation Sahar Nasr.
MENAFN2801201900450000ID1098032499
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