$ 135 million loan to Egypt

The Egyptian government and Kuwait Fund for Arab Economic Development signed two loan agreements worth $ 135 million on Saturday to finance water desalination and agricultural sector support projects in South Sinai.

According to the Kuwait News Agency (KUNA), the original loan amount (about 50 million dollars) to finance the construction of four water desalination plants in the province of South Sinai, and the value of the additional loan (about 85 million dollars).

The project to construct four water desalination plants at Bahr al-Baka in the southern governorate of Siena aims to meet the increasing demand for drinking water, reduce waste in transport networks, protect public health and provide basic services to improve the standard of living of the population.

The project aims to meet the demand for water for different uses especially for the purposes of expanding agricultural production and agricultural production, optimizing the available water resources, contributing to the environmental protection of Al Manzala Lake and creating about 100,000 jobs.

The loan is for a period of 25 years, including a grace period of 6 years. The loan will be repaid in 38 semi-annual installments, the first of which will be due on the first date of payment of interest or other costs after the expiry of the grace period.