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Egypt inks $885M deals with Arab funds

Egypt inks $885M deals with Arab funds

ArabFinance: The Egyptian Minister of International Cooperation Rania al Mashat said the government succeeded to secure $885 million (EGP 13.92 billion) through three agreements with Arab funds from January until the end of August, according to a September 15th statement.

Al Mashat elaborated that Egypt penned a deal with the Arab Monetary Fund at KWD 153.5 million or $637.9 million (EGP 10.03 billion).

Another agreement worth KWD 75 million or $243.2 million (EGP 3.82 billion) was inked with the Arab Fund for Economic and Social Development.

An additional grant deal was signed with Kuwait-based Arab Fund at a value of KWD 1 million or $3.3 million (EGP 51.93 million).

Earlier this year, a Kuwaiti fund sent a delegation to Egypt to discuss the fund’s contribution to Sinai Peninsula development projects.

 

*At press time, the conversion rate is $1 = EGP 15.74

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