Egypt signed a number of agreements with Saudi Arabia on Sunday, including one worth USD 1.5 billion aimed at financing development of the Sinai Peninsula. Egypt’s International Cooperation Minister, Sahar Nasr, signed a “$1.5 billion agreement with the Saudi Development Fund for developing projects in the Sinai Peninsula,” a ministry statement released on Sunday read. The funds will be used in the development of the peninsula, including agricultural and residential projects, in addition to building a university. The agreement was formally signed between Egypt and the Saudi Development Fund, and will be implemented by the Egyptian Armed Forces in both the South and North Sinai. In January, Nasr first announced that Egypt was set to receive USD 1.5 billion to finance the development of the Sinai, and USD 1.5 billion more for the country’s oil purchases and to promote trade. Sunday’s agreements will also see Saudi Arabia finance Egypt’s petroleum needs for the next five years. In addition, the two governments signed a memorandum of understanding to promote Saudi investment. In December, Saudi Arabia pledged approximately USD 8 billion of investments to Egypt. The petroleum agreement comes despite a global…
Egypt, Saudi Arabia Sign Deal to Finance Development of Sinai Peninsula
March 21, 2016
