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Tuesday, 26 July 2016

Egypt to receive first tranche of USD 1 bn from Saudi “within days” says Nasr

A small measure of relief? Egypt is set to receive USD 1 bn from Saudi Arabia “within days,” International Cooperation Minister Sahar Nasr told Youm7. The figure includes the USD 500 mn second tranche of the USD 2.5 bn grant agreed on during King Salman’s visit to Egypt and a USD 500 mn portion of the USD 1.5 bn loan from the Saudi Fund for Development to develop Sinai, according to the paper. Bloomberg quotes Nasr as saying the first tranche of the loan would be received “soon” and that a Saudi delegation is expected to land in Egypt next week, stopping short of giving any further details.

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