Saudi Development Fund to loan Egypt LE1.4 bn for projects
Funds to go towards three major infrastructure projects in agriculture, sanitation sectors worth a combined total of LE1.4 billion
Ahram Online, Wednesday 5 Dec 2012
The Egyptian government and the Saudi Fund for Development (SFD) this week signed three concessional loan agreements to finance three infrastructure projects in Egypt worth a total of LE1.4 billion.
The largest loan is for slightly more than LE500 million and will go towards building horizontal silos in order to enhance Egypt's overall seed storage capacity and minimize storage losses.
The second soft loan, which amounts to LE486 million, will go towards new irrigation and sanitary drainage plants. This loan will also finance the procurement and installation of new electric pumps and turbines for the newly established water plants in an effort to create a balance between the country's available water resources and water demand for irrigation, according to an SFD press release.
The third agreement will go towards funding a drinking water project in Cairo's Nasr City district.
Including the latest loan agreements, total funds allocated to Egypt by the SFD currently stand at more than LE8 billion.