Cairo, KFAED probe financing 2nd phase of Sinai development program

CAIRO - 26 April 2019: Minister of Investment and International Cooperation Sahar Nasr discussed with director-general of the Kuwait Fund for Arab Economic Development (KFAED) Abdulwahab al Bader the fund’s financing of the second phase of the Sinai Peninsula’s development program.

The financing is conducted in line with the current cooperation program between Cairo and the KFAED in 2019-2022 at a total cost of $1 billion, the ministry said in a statement Friday.

The meeting was held on the sidelines of joint annual meetings of Arab Financial Institutions, currently taking place in Kuwait.

The two sides discussed resuming a project to establish Bahr el Baqar sewage treatment system, the statement said, noting that the project is one of the world's largest of its type, with a total capacity of about five million cubic meters per day.

The meeting also touched on the Kuwaiti fund’s contribution to several projects in the sectors of roads, ports and water resources in Egypt.

Meanwhile, the KFAED director general said the fund has carried out around 50 projects in Egypt since its establishment, with investments worth some $3.65 billion.

He said the projects have been in the fields of agriculture, electricity, transport, industry, drinking water and sanitation.