Skip to content
The Mindanao Examiner Regional Newspaper

The Mindanao Examiner Regional Newspaper

Title

Name

Primary Menu
  • Home
  • Mindanao
  • Visayas
  • National
  • Features
  • Opinion
  • Business
  • International
  • SciTech
  • Health & Wellness
  • Sports
  • About Us
    • Regional Advertising Rates
    • Contact Us
    • Profile
  • Home
  • International
  • KSA offers $1.5bn to fund Sinai projects – Arab News
  • Featured
  • International

KSA offers $1.5bn to fund Sinai projects – Arab News

Editor March 21, 2016

The Kingdom has offered $1.5 billion to help finance economic projects in the Sinai Peninsula, as Riyadh continues to bolster its ties with Cairo.
Saudi Arabia has previously offered billions of dollars in aid to Egypt since the 2013 ouster of President Muhammad Mursi.
In December, Riyadh pledged $8 billion dollars in investment and aid to Egypt over five years.
Egypt’s International Cooperation Minister Sahar Nasr signed a “$1.5 billion agreement with the Saudi Development Fund for developing projects in the Sinai Peninsula,” a ministry statement said.
The funds will be used “for development projects” in agriculture and to build 26 residential complexes that would also include hospitals and schools.
On Sunday, Saudi Arabia also signed a separate five-year agreement to help Egypt finance its petrol needs, the ministry said.
The fuel agreement comes despite a sharp fall in oil earnings amid the global decline in crude prices.
Sunday’s agreements come ahead of an official visit by Custodian of the Two Holy Mosques King Salman to Cairo on April 4.
Ties between Cairo and Riyadh have strengthened since President Abdel Fattah El-Sisi took over in July 2013, with Egypt joining a Saudi-led coalition that has battled Iran-backed rebels in Yemen since March last year.
Egypt’s Gulf allies Saudi Arabia, Kuwait and the UAE each offered $4 billion in investment and aid to Cairo in March 2015.(AFP)

Link: http://www.arabnews.com/featured/news/898466

fb-share-icon
Tweet 20

Continue Reading

Previous: Indiana Sheriff’s Deputy, 27, Dies After Being Shot Serving Warrant – ABC News
Next: Why you shouldn’t expect a long-lasting smartphone battery any time soon – CBC News

Related News

Dmitry-Medvedev
  • International

Russian official claims nations ready to supply Iran with nuclear weapons

Editor June 23, 2025
Iran-Nuclear-Sites-target
  • International

Nuclear watchdog condemns US attack on Iranian nuclear sites as ‘illegal’

Editor June 23, 2025
Hacker by Tima
  • International

South Korea’s largest telecom operator suffers mass exodus of customers over data leak

Editor June 2, 2025

Trending News

Russian official claims nations ready to supply Iran with nuclear weapons Dmitry-Medvedev 1
  • International

Russian official claims nations ready to supply Iran with nuclear weapons

June 23, 2025
Nuclear watchdog condemns US attack on Iranian nuclear sites as ‘illegal’ Iran-Nuclear-Sites-target 2
  • International

Nuclear watchdog condemns US attack on Iranian nuclear sites as ‘illegal’

June 23, 2025
PH gov’t hits country’s ‘false ranking’ as least safe for travelers Christina-Frasco-Dot 3
  • National
  • Tourism

PH gov’t hits country’s ‘false ranking’ as least safe for travelers

June 19, 2025
PhilHealth’s New Benefits for Post-Kidney Transplantation Services PhilHealth-Artcard 4
  • Health
  • National

PhilHealth’s New Benefits for Post-Kidney Transplantation Services

June 19, 2025
How a Teacher is Cultivating the Future of Agriculture, One Batch of Scholars at a Time JeromeMabaso_ JGF-1 5
  • Business

How a Teacher is Cultivating the Future of Agriculture, One Batch of Scholars at a Time

June 19, 2025
  • Facebook
  • X
  • YouTube
  • Blog
Copyright © 2025. The Mindanao Examiner Regional Newspaper. All Rights Reserved. | MoreNews by AF themes.