The government signed three deals on Saturday by which Egypt would obtain loans from the Saudi Fund for Development worth of LE2.4 billion that targets supporting its electricity and petroleum sectors.
A government source said Cairo and Riyadh were in negotiations to provide the finances through a deposit or a soft loan to shore up the country’s international reserve, as well as to pay off Qatari arrears due this month.
The finances for the electricity sector aim to save of 750 megawatts of power, while others aimed at the petroleum sector are designed to secure petroleum by-products for the Egyptian General Petroleum Corporation worth of LE1.7 billion.
The new package are part of a set of financial aid Saudi Arabia promised for Egypt following the 2011 uprising.
Edited translation from Al-Masry Al-Youm
