Kuwait Fund for Arab Economic Development (KFAED) and Egypt signed Saturday an agreement to extend 30 million Kuwaiti Dinars (KD) (some USD 105 million) loan to finance the expansion of a power station West of Cairo.
KFAED and Egypt also signed a Memorandum of Understanding (MoU) to provide KD one million (USD 3.5 million) in technical assistance to fund a study aimed at exploring means of exploiting human and natural resources in the so-called Safaja-Qaseer-Qena triangle area.
The expansion of the West Cairo power station aims at honoring growing electricity needs. The funding will be used to build a new steam turbine to produce 650 megawatts, an official statement said.
The KFAED's loan, to be paid over 24 years with additional six years grace period, will cover 13 percent of the total cost of the project.
The technical assistance for the study would be used to explore methods of using human and natural resources in the Safaja-Qaseer-Qena area in 2015-45.
The study will pave way for the development of economic projects and activities.
KFAED Director General Abdulwahab Al-Bader signed the agreement and MoU on behalf of the Kuwaiti side. Minister of International Cooperation Najlaa Al-Ahwani and Board Chairman of Cairo Electricit production company Shabaan Ahmad represented the Egyptian side.
Total of KFAED's 38 loans to Egypt amounted to some USD 2.312 billion. KFAED also offered USD 6.895 billion in grants and technical assistances.