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FINANCIAL NEWS
Saudi Arabia to fund Egypt with USD9.5b
18 Dec 2015
(MENAFN) Saudi Arabia will invest USD9.5 billion in Egypt in the upcoming period adding to the existing investments in various vital divisions, according to the latest reports.
About USD8 billion of the investments will go to unconditioned private projects that were presented by Egypt and currently being examined by the kingdom, and the remaining for service projects.
Accordingly, the Kingdom of Saudi Arabia will pump the first USD8 billion provided by Saudi sovereign funds over the first quarter of 2016, and the rest USD1.5 billion to be delivered even before.
Egypt had agreed with Saudi Aramco to provide petroleum products’ needs for three months, starting Sep-2015, and the deal overcalled nearly USD1.4bn with repayment’s facilitations on three years.
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