The Ismail government is in talks to borrow as much as USD 5 bn from the World Bank and other lenders to support development in Sinai, sources tell Al Mal. The Housing and Investment Ministries are leading the efforts to identify priority projects in Sinai, the sources add. Investment Minister Sahar Nasr had already begun talks with the World Bank last month for a USD 1 bn loan for projects in the peninsula, which the government says will cost an estimated EGP 275 bn over four years. She has also secured commitments from development finance institutions including USD 100 mn from the Kuwait Fund for Arab Economic Development, while the Ismail Cabinet signed off on USD 258.5 mn in funding from KFAED for Sinai.

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