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FINANCIAL NEWS
Kuwait, Egypt sign USD105m deal on power station project
07 Dec 2014
(MENAFN) Kuwait Fund for Arab Economic Development (KFAED) announced it has signed an agreement with Egypt for the extension of a USD105 million loan to finance the expansion of a power station West of Cairo, KUNA reported.
The project, which aims to help the country deal with the growing electricity needs of its capital, is expected to result in building a new steam turbine to produce 650 megawatts of electricity, with the loan deal expected to cover 13 percent of the total cost of the project.
KFAED also signed a Memorandum of Understanding (MoU) with Egypt for the providing of USD3.5 million in technical assistance to fund a study aimed at exploring means of exploiting human and natural resources in an area in Egypt, with the study paving the way for the development of economic projects and activities in the region.
Thus far, the fund has provided 38 loans to Egypt, which value has amounted to USD2.312 billion, as well offering USD6.895 billion in grants and technical assistances.
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