Cairo – Mubasher: Egypt's Ministry of International Cooperation signed Sunday an agreement to finance the supply of Egypt's needs of petroleum products for five years.
The signing took place in Riyadh during the meeting of the Saudi-Egyptian Coordination Council, headed by Egypt's Minister of International Cooperation Sahar Nasr and the Saudi Minister of Finance Ibrahim bin Abdulaziz Al-Assaf.
Nasr also signed a $1.5 billion agreement with the Saudi Fund for Development (SFD) to fund the development of the Sinai peninsula.
In December, Saudi King Salman bin Abdulaziz Al Saud gave orders to increase the kingdom’s investments in Egypt to over SAR 30 billion, to secure Egypt’s petroleum demands for the next five years, and to increase Saudi traffic in the Suez Canal.
