Saudi to loan Egypt $20bn to finance its petroleum needs

Saudi’s King Salman Bin Abdulaziz’s visit to Egypt is expected to culminate with the signing of an agreement to finance Egypt’s petroleum needs for the next five years, government forces have revealed.

The deal is said to be worth $20 billion at an interest rate of two per cent. An additional agreement work $1.5 billion is also due to be signed to develop the Sinai region.

A number of memorandums of understanding in the areas of housing and some tourism projects will also be signed during the visit.

Salman is due to visit Egypt tomorrow, in the second such visit since he took office last January.

Saudi Arabia is one of Egyptian President Abdel Fatah Al-Sisi’s biggest supporters.