Egypt and Kuwait have signed two agreements worth USD 65 mn to carry out developmental projects in the cities of East Port Said and North Sinai, a statement released by the Ministry of Investment and International Cooperation says.
The Kuwait Fund for Arab Economic Development (KFAED) will finance the construction of a water desalination plant in East Port Said with a total capacity of 150,000 cubic meters per day at a total cost of 18.5 million Kuwaiti dinars as well as an agricultural project worth 100,000 Kuwaiti dinars in North Sinai.
The North Sinai project comes as part of government efforts to realize development in the Sinai Peninsula, improve services offered to citizens, provide more job opportunities for young people and fight terrorism. The project is expected to be concluded by the end of 2019, according to the ministry’s statement.
The project is the second project funded by the KFAED as part of its development programme in the Sinai Peninsula. The first project included the establishment of five desalination stations in South Sinai.
Minister of Housing Mostafa Madbouli says that the new East Port Said serves the Suez Canal Development Zone, pointing out that the desalination station is one of the largest across the country.
The agreements were signed by Minister of Investment and International Cooperation Sahar Nasr and head of the Kuwaiti Fund for Arab Economic Development Abdel Wahab El Badr in Cairo.