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FINANCIAL NEWS
Egypt to get $350m loan from Kuwait fund
09 Dec 2010
(MENAFN) Director-General of Kuwait Fund For Arab Economic Development (KFAED) Abdulwahab A. Al-Bader said that the fund will sign agreements with the Egyptian ministries of electricity and energy, petroleum, and civil aviation, Kuna reported.
The documents concern loans amounting in value to $350 million from KFAED to projects to be implemented by the three ministries, he told KUNA.
Under the first draft deal the fund will offer $150 million loan to the Ministry of Electricity and Energy to launch power generating stations, Al-Bader disclosed.
The second deal provides that the fund will loan the Ministry of Petroleum $100 million while the fund will pledge a similar sum of money to the Ministry of Civil Aviation under the third deal, he added.
The Ministry of Civil Aviation plans to use the funds to expand the occupancy capacity of Hurghada Aiprort which faces strains under the growing number of tourists visiting the Red Sea resort.
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