Egypt: Minister - U.S. $2.4 Billion From Arab Fund for Economic and Social Development

Minister of Planning and International Cooperation Dr. Ashraf el-Araby revealed the existence of an international cooperation portfolio with the Arab Fund for Economic and Social Development (AFESD) with the value of USD 2.4 billion.

Araby pointed out that an amount of USD 56 million from AFESD has been distributed to the development of archeological and historical areas as well as slums.

For his part, Abdulatif Al Hamad, the Director-General of the fund said that supporting the power linkage project between Egypt and Saudi Arabia will be a beginning for transmission and export of electricity among the Arab countries. He added that the fund has allocated 63% of its loans to support the electricity sector.

Al Hamad pointed out that the Egypt's account in the fund will be provided with USD 50 million.

Within a related context, the Kuwait Arab Fund for Economic Development will sign an agreement on March 31, in Cairo to finance the electricity sector in Egypt.

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