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FINANCIAL NEWS
Egypt expects USD425m funding for 2 projects
15 Sep 2014
(MENAFN) Egypt announced that it is expecting to receive around USD425 million in funding to develop an oil refinery in Assiut and an airport in the Red Sea resort of Sharm El-Sheikh, Saudi Gazette reported.
The first agreement is for USD198 million, which will be used to build the oil refinery, while another USD8.23 million will be used in the first phase of the Sharm El-Sheikh airport project.
The country, which has received financial aid from the several Gulf countries, mainly Saudi Arabia, Kuwait and the United Arab Emirates, has been trying to revive its struggling economy with several mega projects mainly the Suez Canal project.
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