International Cooperation Ministry signs $1.34bn agreements in 2 months

The International Cooperation Ministry signed loan and grant agreements worth 1.34 billion dollars in two months, sources with the ministry said on Saturday.

Egypt will receive one billion dollars from the World Bank and 500 million dollars from the African Development Bank before the end of 2015 as part of the first phase of two loans worth 4.5 billion dollars from the banks, the sources added.

"International Cooperation Minister Sahar Nassr is currently negotiating to get two loans worth 500 million dollars from the World Bank for projects to reclaim 1.5 million feddans and develop Upper Egypt," they said.

Also, the Kuwait Fund For Arab Economic Development pledged 1.5 billion dollars in five years for a number of projects in Egypt, including Sinai development.

The Saudi Fund for Development also pledged 100 million dollars for a power station in western Cairo.