Egypt reviews new projects financed by Saudi Fund for Development

CAIRO – 24 April 2017: Minister of Investment and International Cooperation Sahar Nasr reviewed the new projects funded by the Saudi Fund for Development (SFD) with the fund’s vice president and managing director Yousef bin Ibrahim Al-Bassam, the ministry said in a Monday statement.

The projects are topped by the West Cairo power station and developing hospitals of Kasr Al Ainy projects, the construction of new health units in addition to the project of setting up irrigation and sewage pumps. The SFD contributes to funding the projects by $220 million, $23 million and $80 million respectively.

The talks, held on the sidelines of the World Bank spring meetings in Washington, touched on the SFD-funded development projects in Egypt within the framework of Saudi King Salman's Sinai development program.

The program is implemented as per a $1.5 billion deal that was signed during King Salman’s visit to Egypt last year. The deal includes funding 10 main projects in the fields of education, agriculture, infrastructure, housing, water as well as other key domains.

Also, Nasr underscored the importance of the SFD-funded projects in upgrading the services provided to citizens, providing more job opportunities and improving infrastructure in order to stimulate local and foreign investment.