Kuwait Fund for Arab Economic Development (KFAED) and Egypt signed Saturday an agreement to extend 30 million Kuwaiti Dinars (KD) (some USD 105 million) loan to finance the expansion of a power station West of Cairo.
KFAED and Egypt also signed a Memorandum of Understanding (MoU) to provide KD one million (USD 3.5 million) in technical assistance to fund a study aimed at exploring means of exploiting human and natural resources in the so-called Safaja-Qaseer-Qena triangle area.
The expansion of the West Cairo power station aims at honoring growing electricity needs. The funding will be used to build a new steam turbine to produce 650 megawatts, an official statement said.
The KFAED's loan, to be paid over 24 years with additional six years grace period, will cover 13 percent of the total cost of the project.
The technical assistance for the study would be used to explore methods of using human and natural resources in the Safaja-Qaseer-Qena area in 2015-45.
The study will pave way for the development of economic projects and activities.
KFAED Director General Abdulwahab Al-Bader signed the agreement and MoU on behalf of the Kuwaiti side. Minister of International Cooperation Najlaa Al-Ahwani and Board Chairman of Cairo Electricit production company Shabaan Ahmad represented the Egyptian side.
Total of KFAED's 38 loans to Egypt amounted to some USD 2.312 billion. KFAED also offered USD 6.895 billion in grants and technical assistances.
GMT 17:47 2018 Monday ,15 January
‘Negative’ outlook for Gulf sovereign ratings in 2018, says Moody’sGMT 19:27 2018 Sunday ,07 January
UAE pledges to distribute 70% of VAT proceeds to help fund community projectsGMT 19:21 2018 Sunday ,07 January
Surge in foreign fund inflows sets stage for Egyptian boomGMT 19:15 2018 Sunday ,07 January
Iraq to export Kirkuk oil to Iran before January-endGMT 11:35 2018 Wednesday ,03 January
Saudi Food and Drug Authority: No VAT on human medicines, vitamins, and registered medical equipmentGMT 10:00 2018 Wednesday ,03 January
Saudi Customs launches Approved Economic Operator programGMT 07:30 2018 Wednesday ,03 January
Morocco’s 2017 Economic Growth: GDP on the Rise, Investment in DeclineGMT 18:33 2018 Monday ,01 January
No New Year cheer for UAE property marketMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor