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

Archaeological Mission Unearths Ancient Pregnant Woman Burial

Egyptian StreetsNovember 14, 2018

Egyptian MP to Submit Bill Omitting Religion from National IDs to Parliament

Egyptian StreetsNovember 12, 2018

British Parliament Encourages Lifting the Travel Ban Imposed on Sharm El Sheikh

Nour EltiganiNovember 11, 2018

Egyptian Film ‘Yomeddine’ Wins at Geneva Film Festival

Mirna AbdulaalNovember 10, 2018

UN: Food Aid to Be Doubled to 14 Million Yemenis to Avert Starvation

Mirna AbdulaalNovember 10, 2018

Bedouin Tribes of ‘Sinai Trail’ Get Backing From Egypt’s Ministry of Tourism

Mirna AbdulaalNovember 10, 2018

Egyptian Committee to Amend Controversial NGO Law

Nour EltiganiNovember 9, 2018

Private School Fees in Cairo Can Cost Up to 3 Million EGP

Mirna AbdulaalNovember 8, 2018
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.