Cairo – Mubasher: Kuwait Fund for Arab Economic Development (KFAED) signed a funding agreement worth $86 million with Egypt to finance the tunnel-Sharm El-Sheikh road.

The agreement is part of the second phase of the Sinai development programme, the Egyptian cabinet said in a statement on Monday.

Egypt and Kuwait also inked a framework agreement to finance the second phase of the Sinai development programme at a value of $1 billion up to 2022.  

KFAED’s portfolio in the most populous Arab nation has reached $3.682 billion as it financed 52 projects operating in agriculture, electricity, transportation, water, and wastewater sectors, the Kuwaiti deputy prime minister, Sabah Khalid Al Hamad Al Sabah, revealed. 

For her part, the Egyptian minister of investment and international cooperation Sahar Nasr said that Kuwaiti investments in the North African nation amounted to $5.1 billion through 1,305 Kuwaiti companies operating in the Egyptian market.