Saudi Arabia approves $100 million loan for Egypt

Saudi Loan EgyptRiyadh, (IINA) – The Saudi Fund for Development approved on Wednesday a $100 million loan to Egypt in order to support the expansion of the West Cairo power station to generate an additional 650 megawatt of electricity, MENA reported.

In a related context, Egyptian minister of international cooperation signed a $95 million loan with the Kuwait Fund for Arab Economic Development to assist in financing the Egyptian side of the power interconnection project between Egypt and Saudi Arabia.

Saudi Arabia and Kuwait, along with the UAE, have been key financial backers of Egyptian President Abdel-Fattah El-Sisi.

In March, the three countries pledged an additional $12 billion for the most populous Arab country in deposits and investments.


Leave a Reply

Your email address will not be published. Required fields are marked *