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

Mo Salah Honoured with Wax Statue at Madame Tussauds in London

Egyptian StreetsJanuary 25, 2020

Online Training Launched to Encourage Egyptian Women’s Participation in Local Councils

Egyptian StreetsJanuary 23, 2020

Everything You Need to Know About the Coronavirus Outbreak

Egyptian StreetsJanuary 22, 2020

Egyptian MP Proposes Bill to Criminalize Child Marriage

Egyptian StreetsJanuary 21, 2020

Number of Minya Microbus Crash Victims Soars to 5, 16 Injured

Egyptian StreetsJanuary 17, 2020

Come June, King Tut Treasures To Be Exhibited in Boston

Egyptian StreetsJanuary 16, 2020

GERD Talks Yield Initial Agreement on Filling Plan

Egyptian StreetsJanuary 16, 2020

4 Egyptian Fishermen Rescued After Being Lost at Sea for a Week

Egyptian StreetsJanuary 14, 2020