Saudi Arabia offers Egypt USD 500 Million-Worth Loan

Egyptian Minister of Planning and International Cooperation Fayza Abol-Naga and Saudi Minister of Finance Ibrahim Abdulaziz al-Assaf signed here a framework agreement under which the Saudi Fund for Development (SFD) will channel USD 500 million to Egyptian development projects. The deal, part of a package of Saudi soft loans to Egypt, was signed during the annual meeting of the Arab financial institutions held here on Tuesday, Abol-Naga told the Middle East News Agency (MENA) on Thursday. “The Saudi funding is key to the urgent development plan of Egypt in the post-revolution era,” she pointed out. The minister added that the new soft loan will be directed to the development of projects in such areas as electricity generating stations, education, health, transport, drinking water, sewage, and grain silos.