The Saudi Fund for Development and Egypt have signed three agreements worth $300 million in presence of Egyptian Prime Minister Eng. Ibrahim Mahlab.
The first and second agreements aim to fund expansion projects of electricity stations in Al-Shabab and Damietta. The third agreement is to fund the provision of petroleum products for the benefit of Egyptian General Petroleum Corporation worth $ 250 million.
The agreements of electricity stations were signed by Dr. Ibrahim bin Abdulaziz Al-Assaf, Minister of Finance and Chairman of the Board of Directors of the Saudi Fund for Development and Egyptian Minister of International Cooperation Dr. Najlla Al-Ahwani.
The agreement of the provision of petroleum products was signed Vice President and Managing Director of the Saudi Fund for Development Eng. Yousef bin Ibrahim Al-Bassam and on the Egyptian side, the CEO of the Egyptian General Petroleum Corporation (EGPC) Eng. Tariq Ahmed Al-Mulla.