Mexico's inflation exceeds expectations in 1st half of April    Egypt's gold prices slightly down on Wednesday    Tesla to incur $350m in layoff expenses in Q2    GAFI empowers entrepreneurs, startups in collaboration with African Development Bank    Egyptian exporters advocate for two-year tax exemption    Egyptian Prime Minister follows up on efforts to increase strategic reserves of essential commodities    Italy hits Amazon with a €10m fine over anti-competitive practices    Environment Ministry, Haretna Foundation sign protocol for sustainable development    After 200 days of war, our resolve stands unyielding, akin to might of mountains: Abu Ubaida    World Bank pauses $150m funding for Tanzanian tourism project    China's '40 coal cutback falls short, threatens climate    Swiss freeze on Russian assets dwindles to $6.36b in '23    Amir Karara reflects on 'Beit Al-Rifai' success, aspires for future collaborations    Ministers of Health, Education launch 'Partnership for Healthy Cities' initiative in schools    Egyptian President and Spanish PM discuss Middle East tensions, bilateral relations in phone call    Amstone Egypt unveils groundbreaking "Hydra B5" Patrol Boat, bolstering domestic defence production    Climate change risks 70% of global workforce – ILO    Health Ministry, EADP establish cooperation protocol for African initiatives    Prime Minister Madbouly reviews cooperation with South Sudan    Ramses II statue head returns to Egypt after repatriation from Switzerland    Egypt retains top spot in CFA's MENA Research Challenge    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    EU pledges €3.5b for oceans, environment    Egypt forms supreme committee to revive historic Ahl Al-Bayt Trail    Debt swaps could unlock $100b for climate action    Acts of goodness: Transforming companies, people, communities    President Al-Sisi embarks on new term with pledge for prosperity, democratic evolution    Amal Al Ghad Magazine congratulates President Sisi on new office term    Egypt starts construction of groundwater drinking water stations in South Sudan    Egyptian, Japanese Judo communities celebrate new coach at Tokyo's Embassy in Cairo    Uppingham Cairo and Rafa Nadal Academy Unite to Elevate Sports Education in Egypt with the Introduction of the "Rafa Nadal Tennis Program"    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



International Cooperation Minister signs 3 agreements with KFD worth EGP 2.5bn
$3bn total cooperation portfolio between the ministry and the fund directed to financing 42 development projects
Reem Hosam El din Published in Daily News Egypt on 04 - 12 - 2016

Minister of International Cooperation, Sahar Nasr, signed on Sunday three cooperation agreements with the director general of the Kuwait Fund for Development (KFD), Abdel Wahab Badr. The agreements, signed in the presence of the Kuwaiti ambassador to Cairo, are worth EGP 2.5bn, equivalent to $135m.
The projects will have a developmental and social impact on citizens and improve services offered to them, according to Nasr.
She explained that the first agreement signed is funding offered by the KFD to the establishment of a water desalination project with a capacity of 150,000 cubic metre.
The project's implementation is expected to begin in early 2017, and construction work is expected to conclude by 2019. It is considered the second project financed by the KFD in the Sinai Peninsula Development Project. The first one included establishing five water desalination plants in South Sinai for $100m.
The second agreement is a grant to finance several projects in healthcare and sewage management, among other sectors, in several governorates for $15m.
According to the minister, a project will be undertaken to enhance the quality of municipal services where Syrian refugees are located in Giza. A similar agreement was signed in January for EGP 20m, and was used to build 30 schools in governorates with large numbers of Syrian refugees.
Nasr said that the third agreement is a grant directed towards financing technical and economic feasibility studies of two projects. The first is the establishment of a solar energy power plant with 1,000 MW capacity, while the second one is the establishment of an integrated factory for the production of solar power panels. She noted that these projects are part of the government's national plan to advance with the solar power sector in Egypt, aiming to make renewable energy contribute 20% of the total produced energy by 2020.
The International Cooperation Minister expressed her admiration towards the extended cooperation between Egypt and the KFD, pointing out that the cooperation portfolio between the two parties has reached $3bn since the establishment of the fund. The amount was directed towards funding 42 development projects in several fields, in addition to 14 technical aids.
For his part, Badr expressed his happiness with the signing of these agreements, noting that in March, the rest of the pledges made by the fund will be fulfilled for $300m.

Clic here to read the story from its source.