19 January 2013

Egypt: Kuwait Fund to Bankroll Development Projects in Egypt

Arab and foreign development foundations support all steps taken by the Egyptian government at the economic level.

The Kuwaiti Fund for Arab Economic Development is one such foundations, said International Cooperation Minister Ashraf el-Arabi in statements to Kuwait's "Al-Anbaa" newspaper of Saturday 19/01/2013.

Egypt is in need of $14.5 billion in soft foreign loans until the end of June 2013, Arabi said. Of that only 4.5 billion has been secured through an in-principle agreement with the International Monetary Fund (IMF).

The Egyptian government has always maintained good ties with Arab funds, Arabi said, believing this is beneficial for both sides.

Arabi said cooperation with the Kuwaiti fund amounted to a total of 2.2 billion dollars between 1964 and 2012. Egypt has since received 35 loans from Kuwait, Arabi noted.

A proposed cooperation program between 2013 and 2016 states that Kuwait provides Egypt with an annual 200 million dollars to be used in bankrolling development projects in the sector of electricity and energy and in upgrading railways and expanding natural gas networks, Arabi said.

Copyright © 2013 Egypt State Information Service. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.