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El Sisi approves KWD 40m loan to develop national power grid

El Sisi approves KWD 40m loan to develop national power grid
President Abdel Fattah El Sisi

Cairo – Mubasher: The Egyptian President Abdel Fattah El Sisi has issued Decree No. 508 of 2018 approving a loan agreement between the Egyptian government and the Arab Fund for Economic and Social Development.

The loan amounts to KWD 40 million ($130.48 million) and will be used to fund the second phase of a project to develop the Egyptian national power grid, according to the Middle East News Agency

It is worth noting that the Egyptian Parliament approved the Presidential Decree on 24 February 2019.