The Kuwait Fund for Arab Economic Development (KFAED) is interested in financing development projects in Sinai to support the Egyptian army in its battle against terrorism, Chairman of the fund Abdulwahab Al-Bader said.

Al-Bader said that terrorism in Sinai is a threat to the whole region, which requires group effort to be eliminated. He added that the Egyptian army has come a long way to counter terrorism in Sinai, which stimulated the fund to finance projects in that region.

Al-Bader noted that the fund will finance projects worth at least $900m over the next three years. He expects that the funds will arrive in Egypt within less than two years.

According to Al-Bader, the fund aims to help developing countries finance development projects and programmes. The fund also finances the technical and economic feasibility studies of development projects, as well as the training of experts.

He said the fund has already been investing in 105 countries, giving 899 loans worth $18bn.

He added that the fund will contribute to the development of Sinai, noting that Sinai has huge investment potential because of its location east of the Suez Canal, making it a good candidate to become a global commercial and logistical area.

Egypt is currently working to convert the Suez Canal area into a development axis that includes specialised investment zones that contribute to attracting funds for investment in different economic sectors.

He pointed out that financing projects in Sinai aims to, first and foremost, secure the region. He pledged to implement the project in the near future, and to continue investing in the region for years to come.