Egypt signs USD 1.9 bn-worth of financing agreements with Kuwait

Egypt signs USD 1.9 bn-worth of financing agreements with Kuwait: Egypt signed yesterday two financing agreements with the Kuwait Fund for Arab Economic Development (KFAED), including one that will see KFAED dole out USD 1 bn over three years to finance the second phase of development plans in the Sinai peninsula, according to a cabinet statement. The two also signed a USD 86 mn agreement to fund the construction of a road that connects the tunnel running under the Suez Canal with Sharm El Sheikh. Investment and International Cooperation Minister Sahar Nasr and Kuwaiti Trade and Industry Minister Khaled Nasser Al Rawdan also signed a separate MoU to encourage investments across the two countries.

Separately, Kuwaiti Prime Minister Sheikh Jaber Al-Mubarak Al-Hamad Al-Sabah also met President Abdel Fattah El-Sisi to discuss bilateral relations and other regional matters, Ittihadiya said.