Kuwait Fund for Arab Economic Development (KFAED) Director General Abdulwahab Al-Bader Saturday affirmed Kuwait’s continued support for Egypt to addressing numerous challenges facing the north African country.
He said KFAED would consider a program in the next five years that would allow funding of several projects in Egypt.
Al-Bader was speaking to KUNA after signing a loan agreement worth 30 million Kuwaiti Dinars (KD) (some USD 105 million) to finance expansion of a power station West of Cairo, as well as a Memorandum of Understanding (MoU) to provide KD one million (USD 3.5 million) in technical assistance to fund a study aimed at exploring means of exploiting human and natural resources in the so-called Safaja-Qaseer-Qena triangle area.
He said KFAED was also considering the funding of a power grid between Egypt and Saudi Arabia.
Other projects, he added, also included the development of the oil refinery in Alexandria and a power project south of Helwan.
Source : KUNA Kuwait News agency
