Egypt parliament approves Saudi Fund $1.5 bln Sinai development loan

Egyptian parliament has approved Sunday the country’s $1.5 billion loan deal signed with the Saudi Fund for Development to finance Sinai Peninsula development scheme.

There are around 12 funding agreements signed with the Saudi Fund covering development in the Sinai Peninsula, agriculture, housing, and a university, Egyptian Minister of International Cooperation Sahar Nasr said on Sunday.

Those agreements include the establishment of King Salman bin Abdulaziz Al-Saud University in El-Tor City, and nine housing complexes in the peninsula, Nasr added.

The Saudi Fund will also finance setting up 13 agricultural complexes worth $106 million involving 11 in North Sinai, two in South Sinai, aiming to cultivate 23 million metres square and create job opportunities for youths in Sinai.