Egypt Receives $400M from the Saudi Fund for Development

CAIRO – 11 June 2017: The Minister of Investment and International Cooperation Sahar Nasr stated on Sunday that the Saudi Fund for Development delivered last week to Egypt $400 million as part of King Salman’s loan for developing Sinai approved by Egyptian President Abdel Fatah al-Sisi last January, according to Al- Mal newspaper.

The whole loan value is $1.5 billion to finance several projects, such as King Salman Bin Abdel Aziz University at Tour city, Development Axis road on a distance of 90 km, development axis on the coastal road, nine housing compounds, and Gady road. All these projects are the first phase of the program.

The second phase includes water treatment plant, water reservoir, a road till Saudi desert of Naqb, development of coastal road between Midan and Arish, and others. Egypt received a $500 million tranche of the same program last year.

Nasr added that a delegation from World Bank and a delegation from African Development Bank will visit Egypt this week to discuss the third tranche of budget support loan. World Bank would deliver $1 billion, while the African Development Bank would deliver $500 million, according to Al- Mal newspaper.

Egypt received $3 billion throughout the last two years within a series of loans to cover the budget gap.