Minister of International Cooperation Rania Al-Mashat has signed an agreement with the Arab Fund for Economic and Social Development (AFESD) to complete financing for the Bahr El-Baqar drainage system establishment.
The grant is worth a total of KWD 75m, equivalent of about $249m.
In a press statement on Wednesday, the minister said it is of the most important projects implemented as part of the Sinai Peninsula development programme. It aims to achieve the optimum utilisation of Egypt’s available water resources.
Minister Al-Mashat indicated that the project’s total estimated cost amounts to about $1bn, and is funded through a financing package from both the AFESD and the Kuwait Fund for Arab Economic Development (KFAED).
She added that the financing agreement signed on Wednesday with the AFESD is the fourth financing agreement in the financing package.
A previous financing agreement was signed with the AFESD at a value of KWD 70m (about $238m), in addition to two financing agreements with the KFAED at a value of KWD 75m, equivalent to $255m.
Also on Wednesday, Minister Al-Mashat announced that the House of Representatives approved, at its plenary session on Tuesday, a €2.9m grant from South Korea.
The grant will contribute to the project developing an automated intellectual property system at the Egyptian Patent Office (EPO), she said.
Minister Al-Mashat assured that this agreement is in line with her ministry’s Global Partnerships Narrative that redefines the value of Egypt’s development efforts with multilateral and bilateral public-private partnerships. These projects are working towards acceleration in the achievement of Egypt’s sustainable development goals.