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Saudi Arabia vows fresh loans to Egypt to develop Sinai, purchase oil

Bassem Abo Alabass , Monday 4 Jan 2016
Sahar Nasr
Egyptian International Cooperation Minister Sahar Nasr chairs the third meeting of the Saudi-Egyptian Business Council in Ryiadh, Saudi Arabia, Jan 4, 2016 (Photo: Courtesy of the Egyptian International Cooperation Ministry)
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Egypt agreed with Saudi Arabia to borrow $1.5 billion to develop the Sinai Peninsula, $1.2 billion to finance oil purchases over coming three months, Egyptian International Cooperation Minister Sahar Nasr said on Monday.

Another $1.5 billion in loans for Egypt’s Sinai development over five years were announced in December to be negotiated with the Kuwait Fund for Development, the Abu Dhabi Fund, the Arab Fund for Economic and Social Development and the Islamic Development Fund.

Negotiations with the oil-rich kingdom are ongoing to agree on financing Egypt’s oil purchases within the coming five years, Nasr told Ahram Online via text message from the Saudi capital Ryiadh, where she arrived to chair the third meeting of the Egyptian-Saudi coordination Council.

The council’s fourth meeting is scheduled to be held in Cairo on 24 January, according to the minister.

Nasr said to urge the Saudi Public Investment Fund to quicken injecting 30 billion riyals ($8 billion) in new investments in Egypt’s sectors of housing, energy and tourism that were pledged by Deputy Crown Prince and Defense Minister Mohammed bin Salman last month. 

Saudi Arabia has supported Cairo with billions of dollars in aid, grants, and cash deposits after the 2013 ouster of president Mohamed Morsi to help buoy the country's economy after several years of political upheaval sent foreign reserves tumbling.

Egypt's net foreign reserves stood at $16.4 billion at the end of November.

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Lucky
05-01-2016 12:18am
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Sinai development?
Are you going to build Dams in the mountainous region to develop many lakes that will be self regenerating and furnish the land of Egypt with new water sources and more possibility for housing development (jobs)... and stocking lakes with fish (tourism) and water sports... and development of forest... which creates development for fresh top soil from leaves.. which creates development of fertile ground for individuals to grow small crops... snd forest leads to development of wilflife like deer or whatever you got.. which will also lead to development of stable climate overtiding the negative or opposing/repelling water vs sand equalling less rainfall during summer to a more stable water attracts water molecules from lakes and water filled trees equalling rainfall during summer months... so much to be gained from building dams.... :D
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Tut
06-01-2016 01:31am
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Dude , where do you think we are ...
Switzerland or Colorado? This is Egypt, where 90% of the scares funding either goes to military toys, bridges to nowhere, or invisible pockets!
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NewEgypt123
04-01-2016 09:47pm
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Egypt is not cheap
Considering the situation that Saudi finds itself in, Egypt has leverage to ask for more $$$, and not in the form of loans, but grants. It is Egypt with the demographic power to shore up the Gulf. It is Egypt with the military power to defend the Gulf. It is Egypt with the diplomatic power to heal the region. NOT SAUDI. Egypt needs economic help. If it wasn't for Egypt's economy, Egypt could play a more positive role in the region. Egypt should not be beholden to any other nation. Egypt should lead, not follow.
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Sam Enslow
05-01-2016 08:47am
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Reform
Egypt could be the leader of the Middle East, but to do so, it must reform its own economy and take responsibility for its problems. Grow your economy. No country became great by begging.
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Ulfat
04-01-2016 08:27pm
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we don,t need loan we need unity and sunni Army
we need Sunni Army and unity no loan now sunnis are oppress and saudi giving loan not weapone like bloody iran
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