Funds cover drinking water, drainage and food storage projects
The Saudi Fund for Development has signed three loans with the Egyptian government totalling £E1.4bn ($229m).
The first loan, worth £E547m, involves building food silos to ensure food security. The second loan, valued at £E486m, involves upgrading irrigation and drainage networks across the region. The final loan is worth £E365m and covers a drinking water project in Nasr City in Cairo.
In November, Egypt took an important step towards securing a $4.8bn loan from the Washington-headquartered IMF to support the country’s economic recovery.
The fund has reached a preliminary agreement on the loan following a review of Egypt’s planned economic reforms, carried out by an IMF delegation during a visit to the country in mid-November.
You might also like...
Neom seeks to raise funds in $1.3bn sukuk sale
19 April 2024
Saudi firm advances Neutral Zone real estate plans
19 April 2024
Algeria signs oil deal with Swedish company
19 April 2024
Masdar and Etihad plan pumped hydro project
19 April 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.