Saudi Arabia lends Egypt $350m
Middle East News Agency (MENA)
Cairo - KUNA
Egypt and Saudi Arabia Saturday inked two agreements worth USD 350 million in total to finance two power stations and Saudi exports to Egypt.
The first deal worth USD 100 million aims at contributing to meeting the growing demand of power by increasing the capacity of the two stations to target 1,500 megawatts, Middle East News Agency (MENA) reported. According to MENA, this aid came in the framework of the aid package that Saudi Arabia had pledged in the wake of January 25 Revolution that ousted President Hosni Mubarak.
The aid package includes soft loans worth USD 500 million provided by the Saudi Fund for Development to finance development projects in Egypt's different economic sectors.
In the aftermath of January 25 Revolution, Saudi Arabia had pledged a total of USD 3.95 billion in aid to help Egypt overcome its economic problems. Also Saudi Arabia sent a deposit of USD one billion to the Central Bank of Egypt in May, 2012.
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