The Kuwait Petroleum Corporation has signed an agreement with Egypt’s Suez Canal Authority to boost the bilateral cooperation between the two countries and increase the number of Kuwaiti tankers using the indispensable waterway that allows them to increase the Kuwaiti oil exports to Europe, according to the Kuwait News Agency (KUNA).

The agreement follows a 50% rise of Kuwaiti’s oil storage to be transported to Europe through the Egyptian SUMED company.

In further news, Egyptian-Kuwaiti cooperation expanded to other areas as Egypt’s Ministry of International Cooperation has signed a $100m deal with the Kuwait Fund for Arab Economic Development (KFAED). It is the first agreement of the pledged series of projects that aspire to contribute to the development of Sinai, informed Ahram Online.

The KFAED will loan Egypt $100m in order to finance five water desalination plants in South Sinai. The agreed upon loan will be repaid after a five-year grace period for a 25-year duration at a yearly interest rate of 2%.