Saudi Fund for Development has agreed to lend Egypt LE930 million (approx. $119 million) as a contribution from the oil-rich kingdom to improve the hospitals of the Cairo University’s historical school of medicine Kasr El-Aini, Saudi embassy announced on Tuesday.
The concessional loan will be repaid over 20 years include a grace period of five years, the Kingdom’s ambassador to Cairo Ahmed Kattan said in an e-mail statement.
Earlier this month, an agreement was made for Saudi Arabia to lend $1.5 billion to Egypt to develop the Sinai Peninsula, $1.2 billion to finance oil purchases over the coming three months.
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.