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Saudi Arabia offers $1.5 billion to fund Egypt's Sinai projects


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ifpinfo, 21 March 2016

Egypt said on Sunday that Saudi Arabia has offered US$1.5 billion to help finance economic projects in the Sinai Peninsula, as Riyadh continues to bolster its ties with Cairo.

Last December, Riyadh pledged $8 billion in investment and aid to Egypt over five years, but it was unclear whether the Sinai offer was part of this.

Egypt's International Cooperation Minister Sahar Nasr signed a "US$1.5 billion agreement with the Saudi Development Fund for developing projects in the Sinai Peninsula", a ministry statement said.

The funds will be used "for development projects" in agriculture and to build 26 residential complexes that would also include hospitals and schools.

Sunday's agreements come ahead of an official visit by Saudi King Salman to Cairo on April 4.
21 March

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