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Egypt's ongoing cooperation portfolio with KFAED amounts to $1.5bn

Egypt's ongoing cooperation portfolio with KFAED amounts to $1.5bn
Rania El-Mashat in a meeting with Marwan Al Ghanim

Cairo – Mubasher: Egypt's Minister of International Cooperation, Rania El-Mashat, met with the Director General of the Kuwait Fund for Arab Economic Development (KFAED), Marwan Al Ghanim, to explore the possible means of enhancing mutual cooperation. 

El-Mashat reviewed the current development portfolio with the fund which amounts to $1.5 billion directed to finance 26 projects, most notably the Sinai Peninsula development programme, according to a statement on Monday. 

Cooperation with the fund has resulted in implementing several projects, including the completion of the Sharm El-Sheikh Tunnel Road, the completion of a transverse road (4), the completion of the Bahr El-Baqar wastewater system, and the establishment of two seawater desalination plants in New Rafah and New Bir El-Abd. 

Since 1980, the Kuwait Fund for Arabic Economic Development has financed 54 projects worth about $3.6 billion in Egypt in various sectors, including health, transportation, agriculture, water, sanitation, and petroleum.