News

Egypt to Receive $US 3 Billion from Saudi Arabia to Develop the Sinai, Finance Oil Purchases

Egypt to Receive $US 3 Billion from Saudi Arabia to Develop the Sinai, Finance Oil Purchases

Egypt's President Sisi meets Saudi King Salman in March 2015.
Egypt’s President Sisi meets Saudi King Salman in March 2015.

Egypt is set to receive more than $US 3 billion from Saudi Arabia in loans and grants to develop the Sinai peninsula, finance the country’s oil purchases, and to promote trade.

In statements to Bloomberg , Egyptian Minister of International Cooperation Sahar Nasr, who has been in the Saudi capital city, said that the agreement would help boost Egypt’s economy.

According to the Minister, Egypt and Saudi Arabia reached an agreement for Egypt to receive a $US 1.5 billion loan to develop the Sinai Peninsula, a $US 1.2 billion loan to finance oil purchases, and $US 500 million grant which will be used to buy Saudi exports and products.

Without providing any further details, the Minister told Bloomberg that the loans are on “favorable terms”.

In December 2015, Egypt announced that it would propose development projects in the Sinai Peninsula at a cost of $US 1.5 billion to a number of Arab development institutions. Egyptian President Abdel Fattah Al-Sisi had previously vowed to develop areas of the Sinai to ensure sustainable growth and development.

According to Bloomberg, the new agreement “suggests that Saudi Arabia¬†is still committed to supporting Egypt even as the oil-rich kingdom cuts subsidies to shore up its finances, though it is significantly smaller than the tens of billions which Saudi Arabia along with Kuwait and the U.A.E poured into Egypt after the 2013 military-led ouster of Islamist President Mohamed Morsi.”

Egypt Condemns Attack on Saudi Arabian Embassy, Denounces 'Iranian Intervention'
Egypt's President Sisi Meets Greek Catholic Patriarch, Discusses Religious Tolerance

Subscribe to our newsletter


News

More in News

Archaeological Mission Unearths Ancient Pregnant Woman Burial

Egyptian StreetsNovember 14, 2018

Egyptian MP to Submit Bill Omitting Religion from National IDs to Parliament

Egyptian StreetsNovember 12, 2018

British Parliament Encourages Lifting the Travel Ban Imposed on Sharm El Sheikh

Nour EltiganiNovember 11, 2018

Egyptian Film ‘Yomeddine’ Wins at Geneva Film Festival

Mirna AbdulaalNovember 10, 2018

UN: Food Aid to Be Doubled to 14 Million Yemenis to Avert Starvation

Mirna AbdulaalNovember 10, 2018

Bedouin Tribes of ‘Sinai Trail’ Get Backing From Egypt’s Ministry of Tourism

Mirna AbdulaalNovember 10, 2018

Egyptian Committee to Amend Controversial NGO Law

Nour EltiganiNovember 9, 2018

Private School Fees in Cairo Can Cost Up to 3 Million EGP

Mirna AbdulaalNovember 8, 2018
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.