Egypt and Saudi Arabia signed EGP 222 billion ($25 billion) worth of agreements during Saudi King Salman bin Abdul Aziz Al Saud’s visit to Cairo in April, Sahar Nasr, Minister of International Cooperation, told Daily News Egypt.
About ten agreements and a memorandum of understanding (MoU) were signed by Nasr, who also acted as the coordinator of Egypt’s representative in the Saudi-Egyptian Coordination Council, and the Saudi Public Investment Fund, to finance new development projects in the Sinai Peninsula.
The signing took place at Abdeen Palace in the presence of President Abdel Fattah Al Sisi and King Salman.
Most of the agreements are targeting Sinai development, which has suffered from numerous terrorist attacks since the 2011 revolution, according to Nasr. Some of the projects include building roads, water and sanitation stations, an economic free zone, electricity plant, agriculture complexes, and a university, Reuters reported.
A total of, 24 agreements, nine MoUs, and three cooperation programs have been signed between the two countries across different economic and development sectors.
According to a statement from the presidency, a company will develop six square kilometers of the industrial zone near Suez Canal, an investment worth EGP 29 billion ($3.3 billion).
Saudi Arabia’s current strategy is to focus on investments that yield profits. A joint investment fund worth SAR 60 billion has been set up, with a one to one partnership between the two countries.
Some of the agreements include the construction of a bridge linking the two states across the Red Sea to boost the trade volume between Egypt and Saudi Arabia.