A Grant Agreement was signed today in Cairo between the Government of the Arab Republic of Egypt and the Kuwait Fund for Arab Economic Development, whereby the Kuwait Fund provide a Grant in the amount of US$ 20 Million to help finance projects aimed at relieving socio-economic impacts in the education sector within Egyptian host communities of Syrian refugees.
The Grant Agreement was signed on behalf of the Government of the Arab Republic of Egypt by Her Excellency Dr. Sahar Ahmed Mohamed Abdel Moniem Nasar, Minister of International Cooperation on behalf of the Government of the Arab Republic of Egypt, and signed on behalf of the Kuwait Fund for Arab Economic Development by Mr. Abdulwahab Al-Bader, Director-General of the Fund.
The Projects aim to address the education needs of Syrian refugees in host communities in the Arab Republic of Egypt, by raising the level of educational services provided to them, by supporting projects in the educational buildings sector, to ensure the continuity of providing the required education services in the areas where there is a concentration of refugees.
The Projects consist of the construction and equipping of about 30 schools with multiple educational stages in the Provinces of Cairo, Geza, Alexandria, Demyat, Deghaliyah and Sharquiah. The Projects are expected to start at the beginning of Year 2016, and to be finished before mid-Year 2017.
The total cost of the Projects is estimated at about US$ 20 million and the Kuwait Fund Grant will cover 100% of the cost.
It is worth mentioning that the number of development finance extended by the Kuwait Fund are 40 loans to the Government of the Arab Republic of Egypt or to public entities in the Arab Republic of Egypt with a total amount of about KD 721 million (equivalent to about US$ 2.4 billion). The Fund has also provided Egypt with ten technical assistance and other grants with a total amount of about KD 2.983 million (equivalent to about US$ 9.8 million) allocated for financing technical and economic feasibility studies for certain projects and financing other activities. Kuwait Fund also administered two grants provided by the Government of the State of Kuwait to the Arab Republic of Egypt, amounting in total to about KD 4.8 million (equivalent to about US$16.8 million) for the purpose of reconstruction of some schools that were affected by the earthquake in 1992, and the reconstruction of some villages that were damaged by floods in 1995.
Kuwait Fund for Arab Economic Development in Kuwait City is AllAfrica.com’s premium partner.
The press released was published on AllAfrica.com.