Future Play & Playspaces MENA 2017
 
Sunday, January 22, 2017
Directory Directory Subscribe
Login
 

Arab institutions pledge to finance $6billion development projects in Egypt

 
 

Please, enter data

Please, enter data

Daily News Egypt, 21 January 2016

Egypt’s Minister of International Cooperation Sahar Nasr said Arab sovereign funds pledged to finance development projects in Egypt, with a large portion dedicated to Sinai, worth $6bn over the next three years.

Nasr noted that she will conduct further negotiations with the representatives of those funds to increase the funds and distribute them among all provinces of Egypt to support economic and social development plans.

Arab sovereign financing funds include: the Arab Fund for Economic and Social Development (AFESD), the Saudi Fund for Development, the Kuwait Fund for Arab Economic Development (KFAED), the Abu Dhabi Fund for Development (ADFD), OPEC Fund for International Development (OFID), and the Islamic Development Bank fund.

Nasr, told that this financing reflects the trust of those funds in Egypt’s vision for economic, administrative, social and political reform. She added that heads of these funds pledged to begin financing as soon as possible, noting that the fund is liable to increase.

Minister of Investment Ashraf Salman said the Saudi Fund for Development has agreed to provide a grant to Egypt worth $200m to finance small and medium enterprises (SMEs) through the Social Fund for Development (SFD), which will re-lend the money with interest of no more than 5%, with an additional EGP 250, to SMEs in Sinai.

Meanwhile, according to the Minister of Investment, the global decline of oil prices will reduce Egypt’s chances to obtain any Gulf aid or grants in the upcoming period, as most Gulf countries have been affected by the falling oil prices.

He added that the government prepared a number of projects that will be presented to a number of Arab funds, especially those focusing on the agriculture, housing, and energy sectors, to discuss the possibility of investing in them, since Saudi Arabia has allocated approximately SAR 30bn to invest in Egypt in the coming years.

Daily News Egypt learned that the funds allocated about $900m each over the next three years to finance development projects. However, the Minister of International Cooperation said she aims to implement these projects even earlier.
Daily News Egypt
21 January

  COMMENTS
Login to Add Your Comment  (for subscribers) | Subscribe

 

Latest News

Doha Festival City set for opening in March 2017
The Peninsula, 20 January 2017

This March will see the much anticipated opening of the largest entertainment and retail development in the Gulf, Doha Festival City.

When the ...

Read full story
Doha Festival City set for opening in March 2017
Egypt on track to receive IMF loan's second tranche
Reuters, 20 January 2017

Egypt is on track to receive the second tranche of a $12 billion three-year loan from the International Monetary Fund pending a visit in the end of February to ...

Read full story
Egypt on track to receive IMF loan's second tranche
Back to Home Page 2333 --- 385 <><><> 901.83333333333.....exvideo=0....eximage=0
P 0
BR 16

Future Play & Playspaces MENA 2017

 

 
2nd Annual Marine Data Infrastructure GCC
30 - January 2017
3rd Annual Future Landscape & Public Realm UAE
6 - February 2017
LightingTech KSA
6 - March 2017
Smart Parking Jeddah
13 - March 2017
3rd Annual RetrofitTech UAE Summit & Awards
20 - March 2017
 
  View more  

Market Indecies
 
Saudi SE - 2.32%
Dubai FM - 4.53%
Abu Dhabi SE - 3.99%
Kuwait SE - 1.51%
Doha SM - 8.36%
Muscat SM - 6.18%
Casablanca SE Closed
Bahrain SE - 0.98%
Cairo SE Closed
Amman SE - 1.12%
 

Future Landscape UAE 2017

Quick Links
  Reports  
  Articles  
  Brochures & Flyers  

Up-coming events
  Project Egypt - 9 March - 11 March 2017  
  Food Africa Cairo - 22 April - 24 April 2017  
IFP Group Events Calendar

 


Magazine sections
  Finance  
  Zoom  
  Growth Markets  
  Regional Overview  
  Editorial  
  Tips and Tricks  
  Spotlight  
  Home Finance  
  Our Meetings
 
  Focus
 
  News
 
  Legal Issues
 

 

               
IFP Corporate
• IFP Emirates
• IFP Lebanon
• IFP Qatar
• IFP Iraq
• REC Saudi Arabia
• IFP China
Lebanon
Energy Lebanon
Project Lebanon
Qatar
Heavy Max
Project Qatar
Qatar StoneTech
Iraq
Iraq Agro-Food - Erbil
Saudi Arabia
Riyadh Motor Show
 
 
  IMC
IFP Group 2017 - © All rights reserved