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Egypt's cabinet approves $2.5 bln grant from Saudi Arabia
Ahram Online Published in Ahram Online on 26 - 05 - 2016

Egypt's cabinet approved a $2.5 billion grant from Saudi Arabia, which was initially signed during King Salman Bin Abdel-Aziz's visit to Cairo on 10 April, according to Al-Ahram Arabic news website.
Egypt and Saudi Arabia signed final loan agreements worth over $24 billion during King Salman's visit, Egyptian Minister of International Cooperation Sahar Nasr confirmed to Ahram Online in April.
These deals include $22 billionin financing for Egypt's five-year petroleum needs, as well asa $1.5 billion concessional loan and a $200 million grant from the Saudi Fund for Development (SFD) to upgrade Sinai's infrastructure and to finance transportation, housing and agricultural projects.
During King Salman's five-day visitto Cairo, Egypt and Saudi Arabia also signed a deal acknowledging Saudi sovereignty over the two Red Sea islands of Tiran and Sanafir, which are under Egyptian control.
http://english.ahram.org.eg/News/217712.aspx

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