Egypt signed 10 agreements and memoranda of understanding with the Saudi Public Investment Fund and the Saudi Fund for Development to finance development projects in the Sinai Peninsula, Egypt’s Ministry of International Cooperation announced in a statement Sunday.
The agreements and MOUs were signed by the Minister of International Cooperation Sahar Nasr, in the presence of President Abdel Fattah Al-Sisi and Saudi King Salman bin Abdulaziz Al-Saud on Saturday evening.
The agreements included the formation of a joint Egyptian-Saudi Investment Fund , construction of a new highway connecting planned housing units to the east of Suez with the west, and building a university named after King Salman.
The parties further agreed to establish 13 agricultural zones in North and South Sinai and to build a wastewater treatment plant, the purpose of which is to “provide agricultural water in Ismailia Governorate and to reclaim 60 thousand Feddans [of] agricultural lands,” the statement read.
The total worth of agreements signed between Egypt and Saudi Arabia during King Salman’s five-day visit to Egypt amounts to USD 25 billion, minister Nasr said.