News

Egypt and Saudi Arabia to Sign $US 21.5 Billion in Agreements

Egypt and Saudi Arabia to Sign $US 21.5 Billion in Agreements

pablo-42

Egypt’s President Abdel Fattah Al-Sisi is expected to sign multiple agreements with Saudi Arabia worth $US 21.5 billion during King Salman bin Abdulaziz Al Saud’s visit later this week.

According to Al-Ahram, the $US 21.5 billion agreements largely consist of soft loans that will allow Egypt to finance its petroleum needs from Saudi Arabia. Among the agreements are also $US 1.5 billion in development projects in Egypt’s Sinai, and $US 120 million to renovate Cairo’s Qasr El-Aini hospital, reported Ahram Online.

The $US 1.5 billion in development projects was confirmed by Egypt’s International Cooperation Minister in March. According to the Minister, the funds will be used in development of the peninsula (including North Sinai), including agricultural and residential projects, in addition to building a university.

The Minister added that Saudi Arabia will finance Egypt’s petroleum needs for the next five years.

Meanwhile, in December, Saudi Arabia pledged approximately $US 8 billion of investments to Egypt.

Relations between Egypt and Saudi Arabia have strengthened since then-Defense Minister Abdel Fattah Al-Sisi led a popularly-backed military coup against Morsi.

The strengthened relations have seen Al-Sisi and Saudi Arabia’s King Salman paying each other several visits since the former rose to power. Most recently, Al-Sisi visited the Gulf nation to attend the finale of a joint military exercise. King Salman’s visit was preceded by a visit of high profile Saudi officials.

Saudi Arabia, with other Arab Gulf states, has pumped billions of dollars into Egypt’s crisis-ridden economy, which has in the past years seen its foreign currency reserves rapidly depleting.

Crackdown On Egypt’s Human Rights Defenders 'Significantly Escalated' in March: ANHRI Report
Italy to Take “Immediate” Measures if Giulio Regeni Case Remains Unsolved

Subscribe to our newsletter


News

More in News

Egypt Bans Flights from Seven African Countries Over New COVID-19 Variant

Egyptian Streets27 November 2021

Egypt’s President Visits West Aswan to Follow Up on Relief Efforts

Mona Bassel25 November 2021

Egyptian Actress Soheir El-Bably Passed Away Aged 86

Nadine Khaled22 November 2021

Registration for Egypt’s World Youth Forum 2022 Now Open

Egyptian Streets21 November 2021

Egypt’s Landmark ‘RiseUp Summit 2021’ Coming to the Pyramids

Marina Makary21 November 2021

Egypt’s ‘Avenue of Sphinxes’ to be Unveiled in ‘Spectacular’ Ceremony

Mona Abdou21 November 2021

Prince Charles and Camilla Arrive to Egypt for Middle East Tour

Egyptian Streets18 November 2021

Egyptian Sheikh Sentenced to Life Imprisonment for Raping a 10-Year-Old Girl

Egyptian Streets16 November 2021