Saudi Arabia gives Egypt $1.5B in soft loans for Sinai development
Saudi King Salman - REUTERS

CAIRO: Saudi Arabia will give Egypt $1.5 billion in soft loans to establish Bedouin projects in the Sinai Peninsula and will send petroleum products worth $23 billion over a period of five years, according to a statement from Egyptian Minister of International Cooperation Sahr Nasr Sunday.

Two countries reached the deal during Nasr’s visit to Riyadh in the fifth meeting of the Egyptian- Saudi Coordination Council (ESCC) Sunday. The deal signing will be held in April during Saudi King Salman Bin Abdelaziz’s visit to Cairo, an anonymous official from Egypt told Youm7.

The meeting tackled other deals concerning Sinai development and a number of small and medium enterprises that have been funded by the Saudi Fund for Development (SFD) through a grant worth $200 million.

In December, 2015, King Salman pledged that his country to increase investments in Egypt more than 30 billion SAR ($7.9 billion) and provide Cairo with petroleum products it need over the coming five years.

Gulf countries promised a total of $12.5 billion in aid and investments to Cairo on the opening day of the Egypt Economic Development Conference (EEDC) in March 2015; Kuwait, Saudi Arabia, and the United Arab Emirates each pledged $4 billion to Egypt, while Oman pledged $500 million.


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