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

Trump: Time for US to Recognise Golan Heights as Israeli territory

Egyptian StreetsMarch 21, 2019

Al Aswany Embroiled in Military Lawsuit for Criticism on State

Egyptian StreetsMarch 21, 2019

Egyptian Parliament Agrees to Law that Protects Your Personal Data

Nour EltiganiMarch 19, 2019

Egypt named Africa’s “Hottest Tech Scene” by Business Insider

Egyptian StreetsMarch 18, 2019

Three Killed after Shooting on Tram in the Netherlands

Egyptian StreetsMarch 18, 2019

Hepatitis C Campaign to Test Foreigners Living in Egypt

Egyptian StreetsMarch 18, 2019

US Report Criticizing Egypt’s Human Rights Record Rejected by Egypt

Egyptian StreetsMarch 17, 2019

Arab and African Youth Platform Hopes to “Bridge the Gap” Between the Youth and Policy Makers

Egyptian StreetsMarch 17, 2019
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.