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Monday, 30 May 2016

Saudi Fund for Development will transfer USD 500 mn tranche of USD 2.5 bn next month; Nasr inks EUR 97 mn in agreements with Germany

The Saudi Fund for Development is set to transfer the first USD 500 mn tranche of the USD 2.5 bn grant for development projects in Sinai and Upper Egypt by next month, Al Borsa reported. The Ministry of International Cooperation is currently reviewing the projects under the agreement, which stipulates that the Fund will deposit five even tranches at the CBE. The agreement will be presented to the House of Representatives for its final approval, said International Cooperation Minister Sahar Nasr.

In other news from the ministry, Nasr signed a technical and financial cooperation agreement with Germany’s ambassador including a EUR 52 mn grant and a EUR 47 mn loan, Amwal Al Ghad reported. The agreement is meant to bolster SME activity, as well as support women and the renewable energy sector.

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