KFAED: Egypt tops world countries in paying off loans
Friday، 18 October 2019 - 02:20 PM
Egypt is one of the world's top countries that benefit from and show commitment to paying off development loans, said the Kuwait Fund for Arab Economic Development (KFAED) on Thursday 17/10/2019.
Since its inception, the Kuwait Fund has granted Egypt 50 loans worth 3.4 billion dollars, the fund said in a statement issued ahead of an anticipated visit by Kuwaiti Prime Minister Jaber Al Mubarak Al Hamad Al Sabah to Egypt.
The economic cooperation between Egypt and Kuwait has become stronger throughout years since the establishment of the KFAED, the regional director of the fund said.
Kuwait Fund For Arab Economic Development is the first institution in the Middle East that extends loans on concessionary term to finance development projects in the developing countries.