ECONOMY

Saudi Arabia offers $1.5 bln to fund Egypt’s Sinai projects

Saudi Arabia also signed a separate five-year agreement to help Egypt finance its petrol needs. (File photo: Shutterstock)

Egypt said on Sunday that Saudi Arabia has offered $1.5 billion to help finance economic projects in the Sinai Peninsula, as Riyadh continues to bolster its ties with Cairo.

Egypt’s International Cooperation Minister Sahar Nasr signed a “$1.5 billion agreement with the Saudi Development Fund for developing projects in the Sinai Peninsula”, a ministry statement said.

The funds will be used “for development projects” in agriculture and to build 26 residential complexes that would also include hospitals and schools.

On Sunday, Saudi Arabia also signed a separate five-year agreement to help Egypt finance its petrol needs, the ministry said.

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Last Update: Monday, 21 March 2016 KSA 09:27 - GMT 06:27
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Saudi Arabia offers $1.5 bln to fund Egypt’s Sinai projects
Saudi Arabia also signed a separate five-year agreement to help Egypt finance its petrol needs
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