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Saudi Arabia approves $100 million loan to Egypt

Ahram Online , Wednesday 25 Nov 2015
Ahmed Qattan
file photo: Ahmed Qattan, Saudi Ambassador to Egypt and its permanent representative in the Arab League
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Views: 2476

The Saudi Fund for Development approved on Wednesday a $100 million loan to Egypt in order to finance the expansion of the West Cairo power station to generate an additional 650 megawatt, state news agency MENA cited Saudi ambassador to Cairo Ahmed Qattan.

On Monday, Egyptian minister of international cooperation signed a $95 million loan with the Kuwait Fund for Arab Economic Development to assist in financing the Egyptian side of the power interconnection project between Egypt and Saudi Arabia.

Saudi Arabia and Kuwait, along with the UAE, have been key financial backers of Egypt's president Abdel-Fattah El-Sisi.

In March, the three oil-rich countries pledged an additional $12 billion for the most populous Arab country in deposits and investments.

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