Egypt and the Kuwait fund for Arab Economic Development (KFAED) signed on Tuesday the first agreement in a pledged series of projects for the development of Sinai, according to the Ministry of International Cooperation. The KFAED will loan Egypt USD100mn to finance five water desalination plants in South Sinai, it will be repaid after a five-year grace period for a 25-year duration at a yearly interest rate of 2%. The Kuwaiti fund had pledged in November 2015 USD300mn annually over five years for developmental projects in Egypt. The fund’s contribution to Sinai development comes as part of its earlier commitment, The KFAED said. (Ahram Online)