Cairo – Mubasher: Egypt’s minister of Investment and International Corporation, Sahar Nasr on Monday discussed with deputy chairman and managing director of the Saudi Fund for Development (SFD) Yousef Al-Bassam to award Egypt the rest tranches of financing Sinai Peninsula development projects.
The total value of Sinai Peninsula development projects amount to $1.5bn, according to Egypt’s ministry statement on Monday.
Development projects in Sinai exceeded the required implementation ratio, Nasr added, noting that the collaboration’s portfolio with the Kingdom's SFD is $2.5 billion, including 23 underway projects.
Al-Bassam noted that the fund will complete the rest tranches of finance to implement Sinai Peninsula development project subject to its deadline.
Nasr and Al-Bassam discussed the fund’s ability to support Egypt’s programme of work leadership and "FEKRETAK SHERKETAK" initiative.
In 11 June, Saudi Arabia pumped $400 million as additional finances, of Sinai Peninsula’s development loan.
