Cairo – Mubasher: Egypt’s investment minister Sahar Nasr has signed two agreements of total KWD 17.5 million (EGP 1 billion) with the general manager of the Kuwait Fund for Arab Economic Development (KFAED) to bolster development projects in North Sinai.

The first agreement includes financing linking water networks in Arish city at a value of KWD 12.5 million as part of the Egyptian government programme to develop the Sinai Peninsula, Nasr said in a statement on Sunday on the sidelines of her visit to Kuwait.

This comes as a part of the financing programme provided by the KFAED, which totals about $900 million over three years to fund the Sinai Peninsula’s development programme, she highlighted.

The second deal is a part of an agreement, which includes the reclamation of 400,000 acres in North Sinai with a total value of KWD 5 million, the minister indicated.

The general manager of the KFAED stressed that the Kuwaiti fund is determined to support projects in Sinai.

In May, the Egyptian Ministry of Investment and International Cooperation signed a KWD 12.5 million (EGP 746.2 million) financing deal with the KFAED to fund linking water networks in Arish city.