Kuwait Contributes Annual $300m in Egypt Development AidSource: www.export-egypt.com 12/20/2015, Location: Middle East |
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Kuwait Fund for Arab Economic Development (KFAED) is contributing USD 300 million worth of annual developmental aid to Egypt, KFAED Director General Abdulwahab Al-Bader announced.
In a statement to reporters after a meeting of Arab development funds, which tackled the implementation of developmental projects, Al-Bader said that, "the total sum allocated for the developmental project in Sinai Peninsula would be left to Egyptian officials' sole discretion." "The project in Sinai aims to bring the peninsula's development up to par with the rest of the country. The investment portfolio for KFAED projects in Egypt has now reached USD 2,100" he added. The KFAED chief said that upcoming developmental projects in Egypt were discussed during the meeting. The projects in the country are reflective of the Egyptian government's prioritization of providing basic residential, educational and medical services. Al-Bader said that the projects will cover an array of sectors, stressing KFAED's commitment to financing and implementing these projects to bolster economic and social development in Arab countries. The projects in Sinai aim to maximize opportunities of employment and improve living standards for the people of Sinai, Al-Bader affirmed. Moreover, Al-Bader said that the meeting was called at the behest of the Egyptian government, which had asked to review different ways of funding projects in Sinai. These projects are of major precedence for the Egyptian government, he noted. Al-Bader also reaffirmed the KFAED's commitment to supporting developmental growth in Egypt, saying current economic hardships call for more cooperation to ensure steady economic development in Arab nations. |
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