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’s House of Representatives Approves a $500 Million Loan to Reform Education

Marwan ShalabyJuly 18, 2018

Egyptian Parliament Passes New Law to ‘Fight Fake News’

Mirna AbdulaalJuly 18, 2018

Egyptian Military Officers May Receive Immunity Over 2013 Muslim Brotherhood Crackdown

Sabah KhodirJuly 17, 2018

Foreign Residents To Be Granted Egyptian Nationality For a Deposit of 7 Million LE

Mirna AbdulaalJuly 16, 2018

Case Of Three Slaughtered Children Found in Plastic Bags in Egypt Solved

Sabah KhodirJuly 16, 2018

New Administrative Capital Will be Egypt’s First Smart City

Mirna AbdulaalJuly 15, 2018

Six Egyptians Selected Among Young Africans for Obama Leadership Program

Egyptian StreetsJuly 15, 2018

Egypt’s Two Female Weightlifters Win Gold Medals at IWF Junior World Championships

Mirna AbdulaalJuly 14, 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.