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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

Published: Updated:

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.