Nawaf_al-Mahamel (L), Ghadeer Hegazi (R) signing the deal - PresspPhoto
CAIRO – 17 May 2017: Minister of Investment's Advisor for Arab Affairs Ghadeer Hegazi initialed Wednesday a funding deal worth KWD 12.5 million ($41 million) with Senior Legal Advisor at the Kuwait Fund for Arab Economic Development Nawaf al-Mahamel.
The agreement aims at funding a project to deliver drinking water networks and pumps to Arish, in North Sinai, at a total cost of 732 million EGP ($40 million), the Ministry of Investment and International Cooperation said in a Wednesday statement.
The funding comes as part of a three-year $900 million deal between Cairo and the Kuwait Fund, according to which the Kuwaiti side finances projects of the Egyptian government program to develop the Sinai Peninsula.
On that score, the statement pointed to the meetings held in Cairo on May 7-16 between the Egyptian officials concerned and members of the Kuwait Fund's mission to Egypt, during which the Kuwaiti officials were briefed on the project's data as well as the relevant studies conducted.
The target of the project is to upgrade potable water infrastructure in Arish in order to cope with the increasing population until the year 2037, the statement said.