Egypt’s Sisi approves $84.5m loan from Kuwait

Egyptian President Abdel-Fattah Al-Sisi speaks during the celebration of Africa Day, in Cairo, Egypt, on 25 May 2019 [Egyptian President Office]

Egypt’s President Abdel Fattah Al-Sisi approved a second loan agreement worth 26 million Kuwaiti dinars ($84.5 million) to be offered by Kuwait for Egypt to fund the establishment of the Sharm El-Sheikh Tunnel Road.

The presidential decree appeared in the official Gazette yesterday.

The first loan agreement between Egypt and the Kuwait Fund for Arab Economic Development for the same project was approved in November 2018.

Since he became president in 2014 following a bloody military coup that he led as the country’s defence chief in 2013, Al-Sisi has relied on significant loans and grants from oil-rich Gulf states and the International Monetary Fund (IMF).

He has recently been accused of spending billions to build the country’s new administrative capital while ignoring the plight of doctors who are battling the coronavirus without the necessary protective gear.

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