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Egypt's cabinet approves $2.5 bln grant from Saudi Arabia

Ahram Online , Thursday 26 May 2016
Sisi and Salman
A handout picture released by the Egyptian Presidency on April 11, 2016 shows Saudi King Salman (R) shaking hands with Egyptian President Abdel Fattah al-Sisi before leaving Cairo's international airport (Egyptian Presidency)
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Views: 2883

Egypt's cabinet approved a $2.5 billion grant from Saudi Arabia, which was initially signed during King Salman Bin Abdel-Aziz's visit to Cairo on 10 April, according to Al-Ahram Arabic news website.

Egypt and Saudi Arabia signed final loan agreements worth over $24 billion during King Salman's visit, Egyptian Minister of International Cooperation Sahar Nasr confirmed to Ahram Online in April.

These deals include $22 billion in financing for Egypt’s five-year petroleum needs, as well as a $1.5 billion concessional loan and a $200 million grant from the Saudi Fund for Development (SFD) to upgrade Sinai's infrastructure and to finance transportation, housing and agricultural projects.

During King Salman's five-day visit to Cairo, Egypt and Saudi Arabia also signed a deal acknowledging Saudi sovereignty over the two Red Sea islands of Tiran and Sanafir, which are under Egyptian control.

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