ICEC

Egypt to resume discussions on King Salman’s $8bn-investments Jan 5

Egyptian international cooperation minister Sahar Nasr flies Sunday to Saudi Arabia to head the third meeting of the Egyptian-Saudi Coordinating Committee.

A mission including petroleum, electricity, investment, agriculture, and manpower ministers is to accompany Nasr to resume the discussions about the initiative of King Salman to invest $8 billion in Egypt as well as providing its oil needs for the upcoming five years.

According to sources in international cooperation ministry, the preparatory meetings of the Egyptian-Saudi Coordinating Committee is to start Monday 4 so as the committee to meet on Tuesday January 5.

During the meeting, Nasr is set to present Egypt’s developmental project to get more aids and enhance Egypt’s dollar outcome.

On other side, Nasr stated that the ministry targets reviewing all developmental projects in Egypt in different sectors notably the 1.5 Million Feddans project and Sinai Development Projects.

Nasr is also set to visit the Arab financing organisations in Egypt on January 10 to resume the procedures of the projects set to be implemented to develop Sinai.

On December 2015, Arab funds have determined the size of their contributions, totalling US$1.5 billion, to development projects in the Sinai region.

Arab Fund for Economic and Social Development (AFESD), Abu Dhabi Investment Authority (ADIA), the Saudi Fund for Development, and the Kuwait Fund for Arab Economic Development (KFAED) would secure US$300 million each for the Sinai projects.

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