Egypt secured an EGP 889 million ($100 million) loan from the Kuwait Fund for Arabic Development (KFAED), Sahar Nasr, Minister of International Cooperation told Amwal Al Ghad.
The initial agreement includes implementing 5 water desalination stations and various road projects in El Tor city, Ras Sudr, Abu Zenima, Dahab, and Nuweiba, reported Aswat Mariya.
The KFAED is providing financial support for development projects in Sinai “to support the Egyptian army in its battle against terrorism”, according to Daily News Egypt.
Egypt proposed development project in the Sinai Peninsula to Arab Development institutions in December 2015. Arab funds will be contributing around $6 billion to the development of Sinai Peninsula.