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Egypt, Kuwait Fund to ink $96m deal to build desalination plants

Egypt, Kuwait Fund to ink $96m deal to build desalination plants
The agreement to finance 5 water desalination plants - Photo Credit: Reuters

Cairo – Mubasher: The Egyptian government agreed to move forward with a credit facility loan worth KWD 29 million ($96.2 million) from Kuwait Fund for Arab Economic Development, a press release indicated.

The loan agreement aims to finance the implementation of five water desalination plants in Sinai Peninsula.

In mid-March, the Kuwaiti Fund signed a KWD 30 million loan agreement for constructing a power station with a capacity of 1,950 MW in the south of Helwan.

The Fund thus granted Egypt around KWD 720.6 million (around $2.45 billion) for financing a scope of projects in different Egyptian sectors, according to official data by the Kuwait Fund.