This entry passed through the Full-Text RSS service - if this is your content and you're reading it on someone else's site, please read the FAQ at http://ift.tt/jcXqJW.
Thursday 17 Dec 2015 - 13:34 Makkah mean time-6-3-1437
Deputy Crown Prince Mohammed bin Salman with Egyptian President Abdel Fattah El-Sisi in Cairo (SPA Image)
Jeddah, (IINA) - Custodian of the Two Holy Mosques King Salman has ordered on Tuesday that the country’s aid and investment package to Egypt should be increased to SR30 billion ($8 billion) in the next five years, Arab News reported.
According to SPA, the announcement was made by Deputy Crown Prince Muhammad bin Salman at a meeting with Egyptian Prime Minister Sherif Ismail in Cairo on Tuesday.
Prince Mohammed said at the start of the meeting that King Salman ordered the increase in the package to contribute to Egypt’s oil needs for five years and to increase the traffic for Saudi ships in the Suez Canal.
According to a Bloomberg report, Egyptian Investment Minister Ashraf Salman said on Wednesday that the investment would be through Saudi Arabia’s public and sovereign funds, with inflows beginning immediately.
Egypt is also set to renew a deal to import Saudi oil products for five years on favorable terms, Ismail said. Saudi support comes as Egypt is trying to overcome a foreign currency shortage that is threatening to derail Egypt’s recovery.
The new aid package will provide means needed to import capital goods and raw materials, and help authorities avoid an uncontrolled currency devaluation, said the report.
AG/IINA
|
No comments:
Post a Comment