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Saudi Arabia provides $1.5 billion to fund 12 development projects in Egypt
16 July 2017
By Marwa Abo Elmagd
Saudi Fund for Development (SFD) will provide $1.5 billion to fund 12 development projects in Egypt’s Sinai Peninsula over a period of five years, an Egyptian government official has said.
These projects form part of Sinai Peninsula development scheme, and cover agriculture, housing, and education sectors, Egypt’s Minister of International Cooperation Sahar Nasr told Thomson Reuters Projects.
The agreement for the King Salman Programme for the Development of Sinai was signed in Riyadh in March 2016, and approved by the Egyptian parliament in June 2016. Egyptian President Abdel Fattah El-Sisi ratified the MoU in a presidential decree in January 2017.
The minister said the agreement covers the establishment of King Salman bin Abdulaziz Al-Saud University in El-Tor City and nine housing complexes in the peninsula.
"The planned academic milestone will cost up to 1.110 billion Egyptian Pounds ($61.77 million) and will be ready within three years to serve the people of Sinai and neighbouring regions," Nasr explained.
SFD will also finance the setting up of 13 agricultural complexes worth $106 million in North and South Sinai to cultivate 23 million square metres and create job opportunities for youth, she added.
The projects are being implemented by the Engineering Corps of Armed forces and scheduled for completion by 2022.
Last month, Egyptian business news website Amwal Al Ghad reported that the total Saudi investment in Sinai under the loan agreement had touched around $900 million.
(1 US dollar = 17.97 Egyptian Pound)
© Zawya Projects News 2017