Egypt signed an agreement with the Arab Fund for Economic and Social Development on Tuesday to develop the electricity transmission network to the tune of 60 million Kuwaiti dinars (US$200 million).
Minister of Investment and International Cooperation Sahar Nasr signed the agreement with the chairman of the board of directors of the Arab Fund for Economic and Social Development Abdlatif Yousef Al-Hamad on the sidelines of the Spring Meetings of the World Bank in Washington DC.
Nasr stressed the keenness of the ministry to provide the necessary funding to support the electricity and energy sector in Egypt, in view of the importance of this sector in meeting the needs of citizens.
She pointed out that this project aims to contribute to meeting the demand for electricity in areas with increasing electrical loads, through the development and expansion of the electricity transmission network.
Hamad stressed the keenness of the fund to support various projects in Egypt, pointing out that this funding comes in continuation of the Arab Fund in financing developmental projects in Egypt since the start of its activity in Egypt.
Hamad said that the total portfolio of cooperation between Egypt and the fund so far amounted to 1.5 billion Kuwaiti Dinars, equivalent to US$5 billion, allocated to contribute to the financing of projects in the fields of electricity, industry, drinking water, sanitation, education, health, transportation, tourism, natural gas, agriculture and irrigation.
Edited translation from Al-Masry Al-Youm