Kuwait will invest 5 billion Egyptian pounds (283,604,9115 USD) in infrastructure projects in the Sinai Peninsula (Egypt), Ahram Online reports.
Egypt's Minister of Investment and International Cooperation, Sahar Nasr, signed five agreements last week. for 5 billion EGP (86.1 million Kuwaiti dinars) with the Kuwait Fund for Development to finance projects on the peninsula.
The first agreement, worth 60 million Kuwaiti dinars, will finance a tunnel project in Sharm el-Sheikh to develop the city's infrastructure and road network.
The second will allocate 17.5 million Kuwaiti dinars for the construction of a highway linking the Sinai Peninsula with other parts of Egypt.
The project aims to improve the transport corridor to stimulate tourism development and encourage citizens to move to the peninsula.
The fourth agreement is worth 100,000 Kuwaiti dinars and is aimed at funding feasibility studies for palm tree cultivation in Egypt.
The fifth agreement concerns railway projects.
In total, the fund financed 45 projects in Egypt in the fields of electricity, transport, manufacturing, drinking water and sanitation worth USD 2.8 billion, and also allocated grants and provided technical support worth USD 13.5 million.
Source: trn-news.ru
