Egypt to borrow USD 5bn to develop Sinai

Wednesday 16 May 2018 02:33 PM

Hala al-Said
Hala al-Said

By Ahmed Ashour:
The government is involved in negotiations to obtain loans of USD 5 bn from the World Bank and the Arab funds to finance Sinai development scheme, as one of the national projects, according to sources.
The sources said that the government plans to receive USD 4 bn loans from the Arab funds, and USD 1bn from the World Bank, adding that there is coordination among all ministries involved in the project, including housing, investment and international cooperation to identify priority projects.
Last December, President Abdel Fattah al-Sisi announced a project to build a residential city costing EGP 100bn in Sinai over a period of 2-3 years. The ministry of housing and the military engineering authority were tasked with implementing the project.
Al-Sisi said in February that the cost of developing Sinai comprehensively is estimated at EGP 275 bn, adding that a great portion of the financing was provided by Arab funds, including Saudi Arabia, Kuwait, the United Arab Emirates and the Arab Fund.