Saudi Arabia has offered $1.5bn to help finance development projects in Egypt’s volatile Sinai Peninsula, as Riyadh continues to bolster its ties with Cairo.
According to Arab News, the funds will be used for development projects in agriculture and to build 26 residential complexes that would also include hospitals and schools.
The Sinai region has been hit by a spate of Islamist terror attacks in recent years, including the bombing of a Russian passenger jet in October 2015.
Egypt’s International Cooperation Minister Sahar Nasr signed a $1.5bn agreement with the Saudi Development Fund for the projects, a ministry statement said.
Saudi Arabia has previously offered billions of dollars in aid to Egypt since the 2013 ouster of President Muhammad Mursi.
In December, Riyadh pledged $8bn dollars in investment and aid to Egypt over five years.
On 20 March Saudi Arabia also signed a separate five-year agreement to help Egypt finance its petrol needs, the ministry said.
The agreements come ahead of an official visit by Saudi Arabia’s King Salman to Cairo on 4 April.
Photograph: The Kingdom Centre tower in Riyadh, Saudi Arabia’s capital and largest city (Sauditourism.sa)
