Saudi provides $230m of loans to Egypton Dec 4, 2012
Egypt's Prime Minister has signed a deal with Saudi Arabia's ambassador to borrow three soft loans worth $230m with a view to supporting the Egyptian economy.
The loans are part of an overall package worth $1.5bn being provided by the Saudi Development Fund to the Egyptian Government for rebuilding efforts following last year's revolution. Overall, Saudi Arabia has provided an aid package in the form of a deposit, $500m in treasury bills and $500m in loans.
The Saudi Press Agency reported that at a news conference held after agreements were signed, Egypt's minister expressed his thanks to Saudi Arabia's King for the country's efforts in supporting his country.
In total, some $4bn in aid has been offered to Egypt by Saudi Arabia, and an Egyptian-Saudi committee has been set up to follow up on investments.
Saudi Arabia's Ambassador to Egypt, Ahmed bin Abdulaziz Qattan said in a statement that the security and independence of Egypt was important, as is the country's role in the Arab world.
- Emaar posts 18% growth in net profits for 2015
- Oman's PDC, UFS sign 25 year land lease agreement
- Saudi Arabia's cement demand increases 7%
- Cayan Group and Serena partner for Spanish project
- S&P: GCC project funds for 2019 short by $270bn
- Al Habtoor resurrects its villa project in Dubai
- RAK Properties appoints US firms to Mina Al Arab
- Kuwait: KPC plans to sell loss-making assets
- DEWA, Microsoft ink MoU in pursuit of Smart Dubai
- Expert says BIM benefit not a 'monochrome measure'