Saudi Arabia has agreed to provide Egypt with more than $3 billion in loans and grants to support Cairo’s economy.
Speaking on the sidelines of the third Saudi-Egyptian Coordination Council meeting in Riyadh, Egyptian Minister of International Cooperation Sahar Nasr told reporters on Monday that $1.5 billion will be allocated to the development of the Sinai Peninsula and $1.2 billion to fund oil purchases, in addition to a grant worth $500 million for Egyptian purchases of Saudi goods and services.
Nasr explained that her country asked Saudi for a pardon period to pay off the value of the petroleum agreements.
She added that the Egyptian government is discussing two options regarding oil purchase prices, either to fix it until the end of 2021 or use world market prices at the time of the purchase.
Meanwhile, Egyptian media reported that the government wants to import nearly three million barrels of crude oil per month from Kuwait, as well as diesel and jet fuel supplies worth $1.2 billion a year.
Agencies
