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Saudi Arabia offers $1.5bn to fund projects in Egypt

Staff writer |
Egypt said that Saudi Arabia has offered $1.5 billion to help finance economic projects in the Sinai Peninsula.

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Saudi Arabia has previously offered billions of dollars in aid to Egypt since the 2013 ouster of Islamist leader Mohamed Morsi. In December, Riyadh pledged eight billion dollars in investment and aid to Egypt over five years.

Egypt's International Cooperation Minister Sahar Nasr signed a "$1.5 billion agreement with the Saudi Development Fund for developing projects in the Sinai Peninsula", a ministry statement said.

The funds will be used "for development projects" in agriculture and to build 26 residential complexes that would also include hospitals and schools.

On Sunday, Saudi Arabia also signed a separate five-year agreement to help Egypt finance its petrol needs, the ministry said.

The fuel agreement comes despite a sharp fall in Saudi Arabia's own oil earnings amid the global decline in crude prices.

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