Articles
Companies

Home / NEWS / Saudi provides $230m of loans to Egypt


Saudi provides $230m of loans to Egypt

on Dec 4, 2012

  Be the first to comment
RSS Feeds Print this page



RELATED ARTICLES: Mall operator targets Saudi and EgyptQatar to invest $18bn in Egyptian projects$3bn causeway project to link Saudi Arabia, Egypt

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.

 

 


FEATURED COMMENT

Please click here to comment on this article

COMMENTS

Name *
Email *
City
Country
Subject: *
Comments: *
Math Question: *
Solve this simple math problem
and enter the result. E.g. for 1+3, enter 4.
Refresh the image if not clear
Remember me on this computer





Articles
Companies