Kuwaiti Fund loans Egypt $1.5bn

Newspaper Title: Daily News

Newspaper Number:

Tuesday - 7 April 2015

The Kuwait Fund for Arab Economic Development (KFAED) is set to lend Egypt a total of $1.5bn over a five year period.

During that time period, Egypt will receive an amount worth $300m annually, according to Abdulwahab Al-Bader, Managing Director of the Fund, state-run news agency MENA reported.

Egypt and KFAED have had long and strong ties since 1964, with Egypt receiving a total of 40 loans in financial aid from KFAED.

In December 2014, Egypt and KFAED signed a loan agreement worth approximately $105m, to be used to invest in a power plant project located west of Cairo.

Since it began operations in Egypt, KFAED has provided approximately $2.4bn in loans that were injected into financing development projects in various sectors.

KFAED has also provided Egypt with nine grants, as well as technical assistance, to the tune of approximately $6.895m. These have been allocated to financing the technical and economic feasibility studies for some projects, and for financing others.

KFAED provides financial assistance to developing countries, either through loans or grants. The Fund also hands out funding for the preparation of technical feasibility and economic studies to the countries it supports.