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Sunday, 17 July 2016

House Legislative Committee unnecessarily signs-off on USD 2.5 bn Saudi grant

Over to the Saudis, the Legislative and Constitutional Affairs Committee of the House of Representatives approved the USD 2.5 bn Saudi grant to help finance the Egypt’s economic development agenda and signed during King Salman’s visit in April, Amwal Al Ghad reports. This is odd, as we noted back in May that International Cooperation Minister Sahar Nasr stated that House approval was not required by virtue of not being a burden on the budget. Egypt has already received the first USD 500 mn tranche from the grant and has officially requested the second tranche earlier this month.

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