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AFESD approves 3 grants to Egypt worth $2.8m - Daily News Egypt

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AFESD approves 3 grants to Egypt worth $2.8m

Egypt keen to accelerate Sinai development plans, says Nasr


The board of directors of the Arab Fund for Economic and Social Development (AFESD) approved three grants for Egypt worth KWD 825,000 (approximately $2.8m), according to a Tuesday press statement from the Ministry of Investment and International Cooperation.

According to the statement, the first grant, worth KWD 500,000, is to finance the Papal Central Library of the Coptic Orthodox Church in Egypt. The second grant, worth KWD 100,000, is to provide medical equipment to Theodor Bilharz Research Institute in Cairo.

The third KWD 225,000 grant is to support food safety in a number of countries, including Egypt.

Earlier this month, Egypt and Kuwait had signed an agreement to continue financing the construction of five water desalination plants in South Sinai at a cost of $100m.

The agreements came on the sidelines of Minister of Investment and International Cooperation Sahar Nasr’s meeting with the heads of Arab funds at the annual meeting of Arab financial institutions held in Jordan.

On the other hand, during the meeting, it was agreed to provide funding for the reconstruction of Sinai, which is currently being implemented, in accordance with the directives of President Abdel Fattah Al-Sisi.

Nasr said that the minister agreed with the heads of the Arab funds during the meeting to accelerate the work and complete the necessary measures to intensify the development process in Sinai, and to provide the necessary funding for various development projects, pointing out that the coming period will witness accelerated implementation rates in all projects in Sinai.

For their parts, the heads of the Arab funds praised the rate of implementation of development projects in the Sinai Peninsula and welcomed investments in projects in the sectors of health, education, and housing.

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