Egypt and Saudi Arabia have signed final loan agreements worth over $24 billion during King's Salman official visit to Cairo, Egyptian Minister of International Cooperation Sahar Nasr confirmed Sunday. The accords include: — $22 billion finance for Egypt's five-year petroleum needs. — $1.5 billion concessional loan and $200 million grant from the Saudi Fund for Development (SFD) to upgrade Egypt's Sinai infrastructure and to finance transportation, housing and agricultural projects. Sinai will also witness a resumption of construction of King Salman University in the peninsula. — $120 million concessional loan from SFD to renovate Cairo's historical Kasr El-Aini Hospital. — $100 million loan, approved by the SDF, to finance the expansion of the West Cairo power station to generate an additional 650 megawatts. The two Arab nations also signed a memorandum of understandings (MoU) on future investment agreements, Nasr said. These agreements include establishing an Egyptian-Saudi investment fund worth some $16 billion, in addition to Josur Al-Mahabba Company developing the Suez Canal area to an amount worth EGP 3 billion (roughly $337 million). MoU's also covered establishing a company to develop an industrial zone at the Suez Canal with a total sum of $3.3 billion, read a statement on the Ministry of International Cooperation's website. King Salman said Sunday during a "historic" address before the Egyptian parliament that Riyadh and Cairo have agreed to set up a "free trade zone" in the Sinai Peninsula. Source: Ahram Online
