Saudi Arabia signs more Egypt loans

05 December 2012

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.

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