FINANCIAL NEWS

AFESD to offer USD 200mn to fund projects in Egypt

21 Jan 2016

(MENAFN) The Arab Fund for Economic and Social Development (AFESD) to provide USD 200mn this year, of the loan value USD 900mn from the fund to Egypt over three years.

In addition, the fund will finance drilling of wells and water desalination projects in Sinai, which is signed with the Ministry of global collaboration in Dec, value USD 150mn.

It was agreed to reduce the loan’s interest rates from 3 percent to 1 percent in order to be repaid over 20 years, with a five-year grace period.

Moreover, the project involves the establishment of a sanitation facility in the vicinity of Ar Rahawy in Giza, which is a part of the state’s plan to improve the sewage system.

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