Financial and Banking News


KFAED Lends $46mn to Egypt

The Kuwait Fund for Arab Economic Development (KFAED) is to lend Egypt a total of $45.5mn under the terms of two loan agreements signed in Cairo last week. One loan, of KD10mn ($35mn), is to develop the local pharmaceutical industry, and the other, of KD3mn ($10.5mn), is to protect the Rosetta area of Egypt's Mediteranean coast from erosion. The 20 year loans have a five-year grace period and carry interest at 3.5%. This...