October 18, 2018

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Saudi Arabia offers Egypt $3bn in loans, grants

Saudi Arabia offers Egypt $3bn in loans, grants

Saudi Arabia has agreed to provide Egypt with more than $3 billion in loans and grants to support Cairo’s economy.

Speaking on the sidelines of the third Saudi-Egyptian Coordination Council meeting in Riyadh, Egyptian Minister of International Cooperation Sahar Nasr told reporters on Monday that $1.5 billion will be allocated to the development of the Sinai Peninsula and $1.2 billion to fund oil purchases, in addition to a grant worth $500 million for Egyptian purchases of Saudi goods and services.

Nasr explained that her country asked Saudi for a pardon period to pay off the value of the petroleum agreements. Read more

 

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