News

Egypt Signs 10 Agreements, MOUs with Saudi Funds To Develop Sinai

Egypt Signs 10 Agreements, MOUs with Saudi Funds To Develop Sinai

KSA2_L.png_410201685646AM

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.

Egypt, France to Sign 30 Agreements During Hollande's Visit to Cairo
Egypt Releases Protestors Arrested for Demonstrating Against Sanafir and Tiran Island Agreement

Subscribe to our newsletter


News

More in News

Egypt Announces Peace Plan to End Civil War in Libya

Egyptian StreetsJune 6, 2020

Egypt Reaches Staff-Level Agreement for $5.2 Billion IMF Loan

Egyptian StreetsJune 6, 2020

No Mandatory Quarantine for 3,000 Egyptians Set to Return to Egypt

Egyptian StreetsJune 6, 2020

Egypt’s COVID-19 Cases Reach Over 30,000

Egyptian StreetsJune 5, 2020

Localization of Sustainable Development Goals in Upper Egypt With Investments Worth $3bln

Egyptian StreetsJune 4, 2020

‘We Couldn’t Find One Hospital Bed For Her’: Egyptian Adventurer Omar Samra’s Sister Dies of COVID-19

Egyptian StreetsJune 3, 2020

Kemama Campaign Funds Production of Medical Masks in Upper Egypt

Egyptian StreetsJune 2, 2020

117,000 COVID-19 Cases in Egypt Say Estimates: Minister

Egyptian StreetsJune 1, 2020