KFAED To Bankroll Development Projects In Egypt
Published Monday, 21 January 2013 10:39 | Written by Amwal Al Ghad
Kuwaiti Fund for Arab Economic Development (KFAED) is one of the Arab and foreign development foundations that support all steps taken by the Egyptian government at the economic level, said International Cooperation Minister Ashraf el-Arabi in statements to Kuwait's "Al-Anbaa" newspaper.
Egypt is in need of $14.5 billion in soft foreign loans until the end of June 2013, Arabi said. Of that only 4.5 billion has been secured through an in-principle agreement with the International Monetary Fund (IMF).
The Egyptian government has always maintained good ties with Arab funds, Arabi said, believing this is beneficial for both sides.
Arabi said cooperation with the Kuwaiti fund amounted to a total of 2.2 billion dollars between 1964 and 2012. Egypt has since received 35 loans from Kuwait, Arabi noted.
A proposed cooperation program between 2013 and 2016 states that Kuwait provides Egypt with an annual $200 million to be used in bankrolling development projects in the sector of electricity and energy and in upgrading railways and expanding natural gas networks, Arabi told the daily.
Most Popular »
- LG Electronics denies suspending Egypt operations
- EBRD, Bank Audi ink $30 million deal to boost SMEs in Egypt
- Egypt’s CIB posts record profit in 2015
- Saudi Panda eyes more branches in Egypt, developing 20 consumer complexes
- Egypt needs $11bn to upgrade transport system; minister says amid train derailment