CAIRO, Oct. 21 (Xinhua) -- Egypt and Kuwait on Monday signed two agreements valued at about 1.09 billion U.S. dollars to finance the second phase of the Sinai Peninsula Development Program, official news agency MENA reported.
The fund will be spent on the development program in Sinai, east of Cairo, over three years until 2022 along with carrying out the infrastructure of the tunnel-Sharm El-Sheikh road project.
The two agreements were signed by the Egyptian Minister of Investment and International Cooperation Sahar Nasr and Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah, deputy prime minister, foreign minister and chairman of the Kuwait Fund for Arab Economic Development.
The two sides also signed a memorandum of understanding in the field of encouraging direct investment.
