Egyptian President Abdel Fattah Al-Sisi has approved a $389 million loan from the Saudi Fund for Development to build the King Salman University in Egypt's Sinai, the New Khaleej reported, citing a presidential decree that appeared on the official gazette yesterday.
With this decree, Al-Sisi approved the agreement originally signed on 8 April 2016 between the Saudi fund and Cairo.
Al-Sisi agreed to the establishment of King Salman Bin Abdulaziz University in the city of El Tor in the Sinai Peninsula on Egypt's northeastern border as part of the Saudi king's programme for the development of the peninsula.
The Egyptian cabinet council approved the agreement before it sent it to be ratified by parliament and then by Al-Sisi.
Construction work on the facility is expected to start within months.