Funding for new Egyptian road tunnel project

Funding is being secured for a new Egyptian road tunnel project. The Kuwait Fund for Arab Economic Development (KFAED) looks likely to provide a finance package worth US$85.6 million to the Egyptian Government to pay for the project. The tunnel will be built at Egypt’s Sharm El Sheikh holiday resort to help improve transport as this area is important for the country’s tourism sector. In addition, a series of improvements will be carried out along a 350km stretch of road connecting to the resort. New drainage and safety measures will be installed along the route, which will be widened so that it features three lanes in either direction.