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FINANCIAL NEWS
Egypt signs USD 100mn loan with Kuwait
01 Jun 2016
(MENAFN) Egypt signed a loan with the Kuwait Fund value USD 100mn, which will finance the building of five seawater desalination plants in South Sinai.
Accordingly, the loan would be repaid through 25 years with a five-year period and a 2 percent interest rate.
Moreover, the loan is part of a financing package valuing USD 900mn provided by the Kuwaiti fund to develop projects in Sinai.
On the other hand, a group of Gulf investors provided funds estimated at USD 6bn for the development of Sinai, of which USD 1.5bn would be provided by KSA.
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