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FINANCIAL NEWS
Saudi Arabia issues USD400mn into Sinai development
12 Jun 2017
(MENAFN) Saudi Arabia currently issued an extra USD400mn as part of a Saudi-Egyptian loan deal in order to develop the Sinai Peninsula, as proclaimed Egyptian Minister of Investment and Intl Co-op.
Additionally, the total Saudi investments in Sinai, amid the Saudi Fund for Development, have increased to almost USD900mn.
Furthermore, the deal was aimed at giving Egypt an USD1.5bn soft loan in order to help it develop Sinai and purchase Saudi oil products needed for development purposes.
The program involves building King Salman’s University in Al-Tor city, funding a series of agricultural and irrigation projects and promoting N. Sinai’s network of roads.
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MENAFN1206201700450000ID1095552851
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