Egypt will receive $1 billion in grants and investments from Saudi Arabia within the coming few days, Youm7 reported Egyptian Minister of International Cooperation Sahar Nasr Monday.
An amount of $500 million is the second installment of Saudi 205 billion grant, while other $500 million represent the one-third of 1.5 billion in soft loan for Sinai development, the Minister added.
Early June, Egypt has asked for $500 million installment Saudi Arabia, the second installment of 2.5 billion grant to establish a number of projects in Egypt, an Egyptian official told al-Mal newspaper Saturday evening.
On June1, Egypt’s Minister of International Cooperation Sahr Nasr has announced that Egypt has received the first installment of $500 million. The grant has been signed between both sides in April during Saudi King Salman bin Abdelaziz’s visit to Egypt.
