By: Mostafa Adel

Cairo – Mubasher: Egypt received $300 million from Saudi Arabia as a first installment to finance projects in Sinai Peninsula, according to sources in the Central Bank of Egypt (CBE).

The total value of agreements signed with the King of Saudi Arabia Salman bin Abdulaziz Al Saud during his visit to Cairo is $25 billion, the minister of international cooperation, Sahr Nasr, stated earlier.

The minister added that the 25-billion agreements include $1.7 billion for development projects in Sinai with the Saudi Fund for Development.

“Around $100 million will be allocated to establish a power plant in west Cairo, adding to $200 million as a grant and $120 million to develop Kasr El Aini Hospital,” Nasr said in a press release.

The deal includes establishing King Salman university in Sinai, King Salman bin Abdel Aziz land Bridge to connect the two countries, and SAR 60 billion to establish an investment fund.

Translated by: Sara Ghali