Egypt and Saudi Arabia have come to terms on a number of loans for investment and development projects in Egypt, that Riyadh has pledged to Cairo since March 2015, Ahram Online reports. Egypt agreed to borrow $1.2b to support oil purchases over the first three months of 2016 and additional $1.5b for development in the Sinai Peninsula. The Sinai development funds match another $1.5b for the same purpose that was provided by the Kuwait Fund for Development, the Abu Dhabi Fund, the Arab Fund for Economic and Social Development, and the Islamic Development Fund, as announced in December.
Egyptian Minister of International Cooperation, Sahar Nasr told Ahram Online that negotiations over oil financing for the next five years are ongoing. In December, Saudi Deputy Crown Prince and Defense Minister, Mohammed bin Salman, with support of King Salman, pledged $8b in support of Egypt – which faces struggles in its energy, banking, investment and other industries. Minister Nasr is seeking to quicken the realization of these investments in the energy, housing, and tourism sectors, for which the Saudi’s have not placed a timeline.
The next meeting between Egypt and Saudi Arabia will be January 24th in Cairo.