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Monday, 12 June 2017

USD 400 mn from Saudi for Sinai development, WB and AfDB in town to disburse funds

The Saudi Fund for Development disbursed last week a USD 400 mn tranche of its USD 1.5 bn loan for the development of Sinai, Investment and International Cooperation Minister Sahar Nasr said, according to remarks carried by Al Mal. The loan is set to fund King Salman University, King Salman Bridge, upgrades to the Kasr El Aini hospital, housing projects and roads, among others. Egypt had received USD 500 mn of the facility as of last August. Talks reopened in April after a court ruling to reject the handover of Tiran and Sanafir to Saudi Arabia stalled progress January.

World Bank, African Development Bank in town for talks on USD 1.5 bn in funding: Separately, a World Bank delegation will arrive in Cairo this week to discuss the disbursement of a third USD 1 bn tranche of the bank’s USD 3 bn development loan, Minister Nasr said, according to Ahram Gate. An African Development Bank delegation will also be discussing the draw-down of a third and final USD 500 mn tranche of its USD 1.5 bn loan.

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