Saudi Arabia to Support Egypt With $3 Billion of Loans, Grants
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Saudi Arabia agreed to provide Egypt with more than $3 billion in loans and grants to help its dollar-starved economy.
The kingdom will loan $1.5 billion to develop the Sinai peninsula and $1.2 billion to finance Egypt’s oil purchases, Egyptian Minister of International Cooperation Sahar Nasr told Bloomberg News from the Saudi capital, Riyadh. Egypt will also receive a $500 million grant for buying Saudi exports and products, she said, without providing further details. The loans are on favorable terms and will be formally signed on Tuesday, she said.