Egypt teamed up with several international financial institutions for financing several development projects in the Sinai Peninsula, at a combined value of almost USD 2.7 bn (EGP 42.4 bn), in 2020, Invest-Gate reports.
Funding was geared toward a diverse portfolio of sectors such as transportation and infrastructure, higher education and scientific research, irrigation and water resources, and more, as highlighted in the Ministry of International Cooperation’s 2020 Annual Report, published on December 22.
Development funds concluded by the ministry under the Sinai Peninsula Development Program during the year include a USD 244.16 mn (EGP 3.8 bn) facility from the Arab Fund for Economic and Social Development for the completion of Bahr El Baqar’s drainage system, Minister of International Cooperation Rania Al-Mashat confirmed.
For the same project, which will operate with a capacity of 5 mn cubic meters per day to reclaim 400,000 acres of the Sinai Peninsula’s sewerage, the Ministry of International Cooperation obtained a USD 183 mn (EGP 2.87 bn) grant from the Kuwait Fund for Arab Economic Development (KFAED), the report indicated.
The KFAED will also bankroll the construction of two seawater desalination plants in each of North Sinai’s Rafah and Bir Al-Abd areas, a total cost of USD 18 mn (EGP 282.5 mn), Al-Mashat further revealed.
She also underscored that Egypt secured an additional USD 250.91 mn financing from the Kuwaiti fund for some infrastructure development across the Sinai Peninsula, most notably Sharm El Sheikh’s under-development tunnel road.
“Seven projects have also been implemented under the Sinai Peninsula Development Program to upgrade transportation and integrate the road network, with a total of USD 637.3 mn [(EGP 10 bn)] in development financing, implemented in partnership with the Saudi Fund for Development and [KFAED],” Al-Mashat was quoted as saying.
According to the minister, the Sinai Peninsula Development Program is aimed at providing services to 558,000 citizens, establishing 2,600 new housing units, creating 20,000 jobs, while also reclaiming and cultivating 18,000 acres.
Besides, more than 150 villages within the Sinai Peninsula benefit from the projects introduced under the strategic program, which also targets inclusive growth through offering new job opportunities for youth and achieving food security for local residents.
In total, the Ministry of International Cooperation has managed to acquire USD 9.891 bn (EGP 155.3 bn) in development financing since January 2020, in a bid to meet various goals of Egypt Vision 2030.