Cairo – Mubasher: Egyptian President, Abdel Fattah El-Sisi, has approved the Egyptian-Saudi agreement to develop the Sinai Peninsula with total investments of $1.5 billion.
Under the agreement, the Saudi Fund for Development (SFD) will provide the funding required for the development projects, with a total of $500 to finance four projects under consideration in the first phase of the program.
The programme’s first phase includes the construction of King Salman University in Al-Tor city and other projects.
According to the decision published in the country's official gazette, a sum of $1 billion will be allocated to finance 10 projects in the second phase.
Funding will be provided through a 20-year loan with an annual interest of 2%.
