Egypt parliament gives go-ahead to Saudi King’s Sinai development programme

Salman 26/06/2016 (Ahram Online – Egypt): Egypt MPs approved in a plenary session on Sunday a presidential decree on a Saudi-Egyptian loan agreement – the King Salman Programme for the Development of Sinai – that targets development in the peninsula.The agreement, which was signed in Riyadh in March, provides Egypt with a $1.5 billion soft-term loan to help develop Sinai and buy Saudi oil products.”Half-a-million dollars from the loan will be allocated to developing Sinai in the form of building the King Salman University in El-Tor, funding agricultural and irrigation projects and upgrading North Sinai’s road network,” said a report by parliament’s Economic Affairs Committee. The remaining $1 billion will be earmarked for buying Saudi oil products, which “Egypt needs for development purposes.”The loan agreement was provisionally approved by parliament in the first week of June…

http://english.ahram.org.eg/NewsContent/1/64/231888/Egypt/Politics-/Egypt-parliament-gives-goahead-to-Saudi-Kings-Sina.aspx

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