Kuwait Fund for Arab Economic Development (KFAED) has signed a deal with Egyptian government to provide funding worth KD15 million ($50 million) for the construction of four water desalination plants in South Sinai region of the country.
The duo also signed another loan deal under which the Kuwait Fund would present an additional loan worth KD25 million ($85 million) to the Egyptian government for development works.
These agreements were signed by Dr Sahar Ahmed Mohammed Abdul Moniem Nasr, the Egypt's Minister of Investment and International Cooperation, and Abdulwahab Ahmed Al Bader, the director-general of KFAED, in the presence of senior officials on the sidelines of "Africa 2018 Forum" held recently at Sharm El Sheikh.
The construction of Bahr Al Baqar Water Drainage Systems Project aims at meeting expected demand for agricultural water, contribute to environmentally protection of Lake Al Manzala and creation of about 100 thousand of new jobs, said a statement from KFAED.
The scope of work includes the construction of civil and mechanical facilities to divert about 5 million cubic meters per day of water from three drainage systems; Bahr Al Baqar, Shadr Azam and Om Al Reesh, to be treated at a new treatment plant facility with capacity of about 5 million cubic meters per day that will be constructed east of Suez Canal, it stated.
The project will see the reclamation of about 330,000 acres of agriculture lands, in addition to 70,000 acres currently cultivated, bringing the total cultivated land to 400,000 acres.
It also involves provision of consultancy services for detailed design and supervision of construction. The project is expected to be completed by the end of 2022, it added.