Last Update 22:6
Friday, 18 October 2019

Breakdown of Egypt-Saudi financial deals, future investments

Saudi King Salman, on a five-day first official visit, has signed a number of economic and financial deals, announcing also the establishment of a free trade zone covering Sinai

Ahram Online , Sunday 10 Apr 2016
Egypt
In this picture taken Friday, April 8, 2016, provided by the office of the Egyptian Presidency, Egyptian President Abdel-Fattah el-Sissi, right, sits with Saudi Arabia's King Salman in Cairo (AP)
Share/Bookmark
Views: 8079
Share/Bookmark
Views: 8079

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

According to Al-Ahram Arabic news website, citing Nasr, the accords include:

— $22 billion finance for Egypt’s five-year petroleum needs.

— $1.5 billion concessional loan and $200 million grant from the Saudi Fund for Development (SFD) to upgrade Egypt’s Sinai infrastructure and to finance transportation, housing and agricultural projects.

Sinai will also witness a resumption of construction of King Salman University in the peninsula.

— $120 million concessional loan from SFD to renovate Cairo's historical Kasr El-Aini Hospital.

— $100 million loan, approved by the SFD, to finance the expansion of the West Cairo power station to generate an additional 650 megawatts.

The two Arab nations also signed a memorandum of understandings (MoU) on future investment agreements, Nasr said.

These agreements include establishing an Egyptian-Saudi investment fund worth some $16 billion, in addition to Josur Al-Mahabba Company developing the Suez Canal area to an amount worth EGP 3 billion (roughly $337 million).

MoU's also covered establishing a company to develop a six-kilometre-squared industrial zone at the Suez Canal with total investments of $3.3 billion, read a statement on the Ministry of International Cooperation’s website.

King Salman said Sunday during a "historic" address before the Egyptian parliament that Riyadh and Cairo have agreed to set up a "free trade zone" in the Sinai Peninsula.

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
2



ashok
10-04-2016 10:26pm
1-
1+
Saudi finance
Break up would be a more apt word than breakdown. Composition would be even better.
Email
 
Name
 
Comment's Title
 
Comment
1



Neo
10-04-2016 07:17pm
4-
16+
Loan to buy Oil
"Egypt and Saudi Arabia have signed final loan agreements worth over $24 billion" ... which part of this is a great partnership? a $22b LOAN to buy Oil from Saudi is hardly a great partnership. Buying Oil is a consumption-driven asset with limited or no ROI on the Egyptian economy; so how are we going to pay this loan back, from what? Putting lipstick on a pig is still a pig; this is no strategic partnership, it's Saudi giving Egypt a loan to buy its own Oil; just like France giving Egypt a loan to buy arms, or China giving Egypt a loan to buy construction services! Egypt needs Strategic Investments to build the economy, if Saudi is not stepping up with this strategic investment who is, Italy!!
Email
 
Name
 
Comment's Title
 
Comment
Latest

© 2010 Ahram Online.