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Saudi Arabia gives Egypt 550 million dollar loan with 2% interest rate
Mohamed Al Gali Anas Habib Published in Youm7 on 22 - 06 - 2011

CAIRO: Prime Minister Essam Sharaf signed a loan agreement with the Saudi Fund for Development to finance a power station project in Banha.
He also signed a memorandum of understanding with the Saudi Fund for Development as a Saudi Arabia contributes to the Egyptian development program.
The value of the loan to finance the power station is estimated to 50 million dollars with an interest rate of 2 %. It will be repaid over the next 20 years, with a five year grace period.
The Saudi deal consisted of three parts. The first is a 200 million dollar donation to finance small and medium projects.
The second is a soft loan worth 500 million dollars to finance development projects, with an interest rate of 2% annually.
The loan will be repaid over the next twenty years, with five of those years considered as a grace period. The third part of the deal concerned supporting Saudi non-petroleum exports to Egypt.

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