Egypt: Nation, Saudi Arabia Sign 3 Loan Agreements Worth U.S. $230 Million

Prime Minister Hisham Qandil witnessed on Monday 3/12/2012 the signing ceremony of three loan agreements, worth $230 million, offered from the Saudi Fund for Development (SFD) to finance three development projects.

The agreements came as part of $500 million soft loans offered by the SFD to fund three projects in different sectors such as housing, drinking water, sanitary, health, irrigation, supply, education and transport.

The three projects include a silos project to store grains for the General Authority for Supply Commodities (GASC) with $90 million, renewing and replacing irrigation water pumps and drainage with $80 million for mechanical and electricity authority and supplying Nasr City with drinking water with $60 million for executive agency for drinking water and sanitary drainage.

The ministers of planning and international cooperation, irrigation and water resources, Supply and home trade, utilities, drinking water and sanitary drainage, Saudi ambassador in Cairo and the SFD delegation attended the signing ceremony.

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