Egypt parliament approves 5 agreements signed with Saudi Arabia

Egyptian parliament’s legislative and constitutional affairs committee has approved Saturday five agreements signed with Saudi Arabia in various sectors.

The first agreement is a loan deal worth 450 million Saudi riyals ($120 million) signed between the Egyptian government and the Saudi Fund for Development designated for the renovation of Egypt’s largest public hospital Kasr El Aini.

The second is designated to avoid double taxation and prevent of tax evasion with respect to taxes on income.

The third is a cooperation agreement in maritime transport and ports. The fourth is the expansion of a power plant in West Cairo, signed also with the Saudi Fund, at value of 375 million riyals.

The fifth is a grant worth $2.5 billion aiming to boost Egypt’s economic programme.