Kuwaiti Fund for Development Director General Abdel Wahab al-Badr said Kuwait has signed a loan worth 30 million Kuwaiti dinars (LE750 million) with Egypt to be repaid over 25 years at an annual interest rate of 2 percent to finance the electricity interconnection between Egypt and Saudi Arabia, adding that the loan covers 15 percent of the total cost of the project.
According to the project, a 1,300 km cable would be extended from the Badr converter in Egypt to the converter east of Medina in Saudi Arabia in order to transfer some 3000 MW.
Badr said this is the 40th loan signed with Egypt, as the fund has signed other loans totaling US$2.4 billion for different purposes, in addition to ten grants and technical aid projects totaling $8.9 million.
Kuwaiti Ambassador in Cairo Salem Al-Zamanan said the fund has been supporting Egypt for 50 years in various projects for electricity, industry sanitation, education, health and transport.
Edited translation from Al-Masry Al-Youm
