Arab funds to secure $2.5bn for financing Sinai development

Cairo – Mubasher: The Egyptian investment and international cooperation ministry has signed agreements worth a combined $2.5 billion with the Saudi Fund for Development (SFD), Kuwait Fund for Arab Economic Development, and Arab Fund for Economic and Social Development to develop the Sinai Peninsula.

The Arab funds will maintain supporting the development of the Sinai Peninsula project over the coming period, investment ministry Sahar Nasr said in a statement on Sunday.

This came on the sidelines of the minister’s meeting with the World Bank’s delegation, headed by  programme Leader Ashish Khanna, responsible for monitoring the integrated programme of Sinai‘s development

Both parties stressed they should accelerate the completion of the anticipated $2 billion integrated project. 

They also discussed mutual cooperation in the private sector, as well as in boosting small- and medium-sized enterprises, women projects, and the infrastructure of the Sinai Peninsula, which will help attract investors to this area.

Mubasher Contribution Time: 09-Sep-2018 09:47 (GMT)
Mubasher Last Update Time: 09-Sep-2018 09:54 (GMT)