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  • 02-11-14

    Egypt, Saudi sign USD350m in deals

    (MENAFN) Egypt reported it has signed USD350 million worth of financing agreements with Saudi Arabia for the upgrading of its power grid as well as securing imports of petroleum products, Arab News reported.

    Egypt said that they have signed two loan agreements, which are worth a total of about USD100 million, with the money expected to be invested in two electricity stations that will boost the capacity of the national grid, while an additional USD250 million will be given to Egypt in the form of petroleum products.

    Saudi Arabia, which has sent Egypt USD3 billion worth of refined oil products between April and September of this year, has given Egypt a total of USD5 billion in oil aid since July 2013.

    United Arab Emirates has also supported Egypt with oil products, signing a deal last month that commits Egypt to buy about 65 percent of its needs from the UAE.

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