Egypt to sign $100 million Kuwait Fund deal for Sinai development by May-end

Egypt will sign its first deal worth $100 million the Kuwait Fund for Arab Economic Development by the end of this May to finance development projects in Sinai.

Egyptian Minister of International Cooperation Sahar Nasr said Thursday that the agreement aims to finance the implementation of five water desalination stations, several roads including Oyun Musa in Sharm El-Sheikh, and an upgrade of a fishing port in El-Tor city.

Arab funds are contributing around $6 billion to the development of Sinai Peninsula.