Egypt, AFESD Sign KWD 110m AgreementsSource: www.export-egypt.com 4/6/2016, Location: Africa |
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International Cooperation Minister Sahar Nasr signed two agreements with the Arab Fund for Economic and Social Development (AFESD) to finance projects worth KWD 110 million in the fields of agriculture, irrigation and electricity.
The minister met head of the AFESD Abdul Latif Al-Hamad on the sidelines of the Joint Annual Meeting of Arab Financial Institutions, currently held in Bahrain. The first agreement is estimated at KWD 50 million and aims to finance a water conservation project and development of the agriculture system in Sinai Peninsula as part of a project launched by President Abdel Fattah El Sisi. The second KWD 60-million agreement aims to finance a power generation project in Damanhour. The meeting also dealt with ways of boosting cooperation between Egypt and the AFESD. The cooperation portfolio between Egypt and the AFESD hit $5.3 billion till January 2016. |
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