Egypt inks loan agreement with AFESD

International Cooperation Minister Sahr Nasr signed Sunday here a loan agreement with the Arab Fund for Economic and Social Development (AFESD).

The loan is estimated at 45 million Kuwaiti dinars which is equivalent to 150 million dollars to finance sanitation projects in Egypt.

Egypt succeeded, during the negotiations with the AFESD, to reduce the interest rates from three to one percent with a five-year grace period, while the loan will be repaid over 20 years.

The project will include establishing a sanitation facility in the neighboring areas to el Rahawy drainage in Giza governorate.

Nasr said that this venture has important social and health aspects and comes as part of the government's program to develop sanitation and curb polluting the Nile River, which affects the drinking water networks.