Egypt approves amendment to deal with Saudi Fund for Development

The value of the loan has been amended to $388mln

  
Image used for illustrative purpose. Tractors are seen at the Tahya Misr housing project in Al-Asmarat district, Al Mokattam, east of Cairo, Egypt June 2, 2016.

Image used for illustrative purpose. Tractors are seen at the Tahya Misr housing project in Al-Asmarat district, Al Mokattam, east of Cairo, Egypt June 2, 2016.

REUTERS/Amr Abdallah Dalsh

Cairo – The Egyptian cabinet approved a draft presidential decree regarding an amendment to the finance agreement signed with the Saudi Fund for Development (SFD).

The agreement includes financing the establishment of King Salman bin Abdul Aziz University in South Sinai’s El-Tor City, according to a cabinet statement on Wednesday.

The value of the loan has been amended to SAR 1.456 billion to finance the implementation of the civil works of the projects, including buildings of facilities and administrations, entertainment facilities, and staff and student accommodations.

Source: Mubasher

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