Egypt, KFAED sign five loan, grant agreements worth EGP 5 bn

Kuwait earmarks EGP 5 bn to Sinai development projects: Investment and International Cooperation Minister Sahar Nasr signed yesterday five agreements worth a combined EGP 5 bn (KWD 86.1 mn) with the Kuwait Fund for Arab Economic Development (KFAED) to support development projects in Sinai, according to a ministry statement. The loans include funding for a tunnel in Sharm El Sheikh, road infrastructure in the governorate, and an allocation to help finance new locomotives for Egyptian National Railways. KFAED is also providing a grant to support Egypt’s economic reform program and a separate grant to fund feasibility studies on palm tree cultivation and date cultivation.