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]

A second loan agreement worth 26 million Kuwaiti dinars ($84.5 million) was approved by Abdel Fattah Al-Sisi- the president of Egypt which was offered by Kuwait for Egypt as an assist to fund the construction of the Sharm El-Sheikh Tunnel Road.
The presidential decree appeared in the official Gazette yesterday.

However, Egypt approved the first loan agreement funded by Kuwait for Economic Development for the same project, in November 2018.

In 2014 when he was declared as president following a bloody military coup which he made it as the country’s defence chief in 2013, from then on, Al-Sisi turned dependent on loans and grants provided by oil-rich Gulf states and the International Monetary Fund (IMF).

On the other hand, he has been criticized and accused of maintaining a bad governance where he finds interest spending huge amounts to build the new administrative capital of the country while the country’s doctors who are the ones fighting against coronavirus without the necessary protective gear and ensuring safety for the country are left neglected along their plights.

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