Egypt Signs Series of Development Deals

Sunday, 9 December, 2018 - 12:30
Sharm El Sheikh - Asharq Al-Awsat

Egypt has signed several development deals with various parties, on the sidelines of the Africa 2018 Forum to be inaugurated on Sunday.

Egyptian presidential spokesperson Bassam Radi said that this year’s forum will consist of a group of African businessmen in addition to 3,000 participants and a multitude of heads of countries and economic institutions in Europe and Asia.

Several investment contracts between the Suez Canal Special Economic Zone (SCZone) and international and local investors were signed.

Sahar Nasser, Egypt's Minister of Investments and International Cooperation, and Italian Ambassador to Egypt Giampaolo Cantini signed a deal Saturday to support the development of Egypt’s private sector with total investment of EUR45 million (USD51.2 billion).

The deal will contribute to supporting Egypt’s private sector via training programs and technical support for small and medium enterprises.

Nasr said the deal will support the government’s plan to provide a good atmosphere for the private sector in a way that underwrites development and comprehensive growth.

The Egyptian Government and Kuwait Fund for Arab Economic Development (KFAED) inked two deals to support the project of constructing a system for the sanitation of Bahr Al-Baqar with EGP1.4 billion (USD78.1 million) and to fund the construction of four water desalination plants in South Sinai with EGP880.5 million (USD4.9 million).

Regional Manager for West African Countries of Kuwait Fund for Arab Economic Development (KFAED) Thamer al Failakawi stressed that the fund finalized the USD300-million first stage of the program on financing development projects in Sinai.

The second stage of the program with the same amount of money will kick off soon, he noted.

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