CAIRO: President Abdel Fatah al Sisi and visiting Saudi King Salman Abdel Aziz on Friday have witnessed the signing of three agreements in the fields of electricity and renewable energy, Youm7 reported.
The first agreement is to fund the establishment of a power plant project in western Cairo with a total cost estimated at $100 million. It was signed between Egypt’s International Cooperation Minister Sahar Nassr and head of Saudi Development Fund Ibrahim Al Assaf.
The power plant, scheduled to start operating late 2019, is expected to generate 650 megawatts.
Another cooperation agreement on peaceful use of nuclear energy was signed between Atef Abdel Hamid, Chairman of the Egyptian Nuclear Power Plants Authority (NPPA) and President of King Abdullah City for Atomic & Renewable Energy (KACARE) Hisham bin Abdullah Yamani.
On Friday, Sisi and the Saudi King attended the signing of 17 agreements and memoranda of understanding.
The agreements were signed at the Ittihadya presidential palace in presence of members of ministerial delegations of the two countries and members of the Egyptian-Saudi coordinating council.
The agreements include a soft loan worth $20 billion to provide Egypt with petroleum needs over the next five years in addition to $1.5 billion deal for development projects in Egypt’s restive Sinai Peninsula.
Salman arrived in Cairo Thursday for a five-day visit, which is the first of its kind since he took power in Jan. 2015. The monarch is scheduled to meet with Pope Tawadros II of Alexandria and Patriarch of Saint Mark Diocese and parliament speaker Ali Abdel Aal among others.