Kuwait Fund for Arab Economic Development (KFAED) said it has signed a deal with Egyptian government to provide funding worth KD15 million ($50 million) for the construction of four water desalination plants in South Sinai region of the country.
President Abdel Fatah al-Sisi inaugurated on Saturday six housing projects and three water plants. The president visited Mahrousa 1 social housing project in Al Jabal Al Asfar in Daqahliyah governorate, which is part of Greater Cairo, while inaugurated the rest via video conference.
The other social housing projects are located in Al Asher Min Ramadan City, New October City, and 3,348 residential units in Cairo’s Badr City, and South Sinai. That is in addition to Ahalina 1 social housing project in Salam city in Cairo.
Egypt and the Kuwait Fund for Arab Economic Development signed two agreements on Saturday to establish an EGP 1.4 billion water system in Bahr Al-Bakr and to finance four desalination plants in South Sinai governorate for EGP 880.5 million.
The volume of trade exchange between Egypt and France hit 1.4 billion dollars during the first eight months of 2018, including 460-million-dollar exports and 999-million-dollar imports, Trade and Industry Minister Amr Nassar said on Saturday 13/10/2018.
Mohab Mamish, the chairperson of the Suez Canal Authority and SCZone, said that the region has increased a number of assets that have not existed before, contributing to improving its credit and financial rating.
Early in January this year, a sudden decrease in the level of the Nile River water in the waterway made controversy over the country and among Egyptians who were stunned and felt worried about the future of the country amid the construction of the Ethiopian Renaissance Dam (GERD), which is believed to threaten Egypt’s water security.
The decrease in the amount of water was described at that time as normal and happens since about 100 years since the beginning of December until the end of January every year, according to Minister of Transportation Hesham Arafat.
The World Bank commission in charge of following up with the Sinai Integrated Development Programme headed by Ashish Khanna and Minister of Investment and International Cooperation Sahar Nasr discussed on Sunday finalizing the measures necessary for $1B grants.
The ministry also secured financing in the value of $2.5 billion from the Saudi Development Fund, the Kuwait Fund for the Arab Economic Development, and the Arab Fund for Economic and Social Development.
President Abdel Fatah al-Sisi embarked an inspection tour of a number of urban and service projects being carried out at the City of Galala Mountain in the Red Sea area between Ain Sokhna and Zafarana on Friday, according to a statement issued by presidential spokesperson Bassam Radi.
Egypt’s govt investment plans in South Sinai worth EGP 1.363 bn in FY 2018-19: Minister – South Sinai – Egypt
Egypt’s Planning Minister Hala El-Saeed discussed on Tuesday with South Sinai Governor Khaled Fouda investment plans and projects due to be implemented in the governorate in the 2018-2019 fiscal year.