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)
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.