Minister of Investment Sahar Nasr signs the deal with Abdlatif Yousef Al-Hamad, Director General of Arab Fund for Economic and Social Development - Press photo
CAIRO – 24 April 2018: Egypt and the Arab Fund for Economic and Social Development signed a KWD 60 million ($200 million) deal to develop Egypt’s electricity transmission network, a statement from the Ministry of Investment and International Cooperation said on Tuesday.
The deal was signed between Minister of Investment and International Cooperation Sahar Nasr and Abdlatif Yousef Al-Hamad, Director General of Arab Fund, on the sidelines of the 2018 Spring Meetings of the International Monetary Fund and World Bank Group that was held in Washington, D.C. last week.
Nasr stressed on the importance of providing financing to the electricity and energy sectors in Egypt to meet the people’s needs.
She said that the new deal will help meet the demand on electricity in the areas where the electricity grid is overloaded through developing and expanding the grid.
The deal will see the establishment of several transmission stations as well as cables to connect these stations to the grid.
These stations will be built in Ain Sokhna, West Damietta and El-Hawamdia in Giza governorate.
Al-Hamad expressed the Arab Fund’s keenness to support different projects in Egypt, saying that deal comes in light of the fund’s continued financing for development projects in Egypt.
He said that the fund’s current portfolio in Egypt stands at KWD 1.5 billion ($5 billion), used in financing projects in the fields of electricity, industry, sanitation, education, health, tourism, natural gas, agriculture and irrigation.
Based in Kuwait, the Arab Fund for Economic and Social Development (the Arab Fund), is an Arab regional financial institution focused on funding economic and social development by financing public and private investment projects and providing grants and expertise.
With all the Arab countries as its members, the Arab Fund seeks to meet the development needs of its member countries.