Egypt's cabinet approves $2.5bn grant from Saudi Arabia
Cairo - QNA
Egypt's cabinet approved a $2.5 billion grant from Saudi Arabia, which was initially signed during Saudi Arabia's King Salman bin Abdel-Aziz's visit to Cairo on April 10, according to (Al-Ahram) news website.
Egypt and Saudi Arabia signed final loan agreements worth over $24 billion during King Salman's visit, Egyptian Minister of International Cooperation Sahar Nasr confirmed to Ahram Online in April.
These deals include $22 billion in financing for Egypt's five-year petroleum needs, as well as a $1.5 billion concessional loan and a $200 million grant from the Saudi Fund for Development (SFD) to upgrade Sinai's infrastructure and to finance transportation, housing and agricultural projects.
During King Salman's five-day visit to Cairo, Egypt and Saudi Arabia also signed a deal acknowledging Saudi sovereignty over the two Red Sea islands of Tiran and Sanafir, which are under Egyptian control.