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Egypt’s parliament approves KFAED’s loan, AfDB’s grant

Egypt’s parliament approves KFAED’s loan, AfDB’s grant
The loan will be used to finance the establishment of the tunnel road in Sharm El-Sheikh

Cairo – Mubasher: The Egyptian parliament approved a presidential decree for a second loan agreement worth KWD 26 million from Kuwait Fund for Arab Economic Development (KFAED), the Middle East News Agency (MENA) reported on Monday.

The loan will be used to finance the establishment of the tunnel road in Sharm El-Sheikh under an agreement signed on 21 October 2019.

Moreover, the parliament also approved a grant worth $550,000 from the African Development Bank Group’s (AfDB) Middle-Income Country Technical Assistance Fund under a letter of agreement signed on 28 July 2019.