Egypt and Kuwait signed two financing deals worth over USD 1 bn to finance the second phase of the Sinai development program, Invest-Gate reports.

The deals were signed between Minister of Investment and International Cooperation Sahar Nasr and Sheikh Sabah Al Khaled Al Hamad Al Sabah, Kuwaiti foreign minister and also head of the Kuwait Fund for Arab Economic Development (KFAED), in the attendance of  Prime Minister Mostafa Madbouly and his Kuwaiti counterpart Sheikh Jaber Al Mubarak Al Hamad Al Sabah, according to a statement released by the Cabinet on October 21.

Another deal worth USD 86 mn was inked to fund the construction of a road that connects the tunnel running under the Suez Canal with Sharm El Sheikh, aiming to complete infrastructure projects in the Sinai peninsula, the statement added.

Additionally, Nasr and  Kuwaiti Minister of Commerce and Industry Khaled Al Roudan signed a separate memorandum of understanding (MoU) to encourage investments across the two countries.

The second phase of Sinai’s development program includes the establishment of roads and potable water networks as well as housing units, with a view to enhancing services offered to Sinai residents, along with the planned free zones to lure investments into the peninsula, Nasr highlighted.

The investment minister added that the provision of infrastructure projects in Sinai will greatly contribute to improving services offered to residents, providing more jobs, and spurring internal and external trade, in addition to stimulating tourism.

On his part, the Kuwaiti foreign minister said, “the KFAED was keen on strengthening its partnership with Egypt, especially with regard to the Sinai development program.”