SAUDI ARABIA, EGYPT INK SEVERAL FINANCE, INVESTMENT PACTS

RIYADH Saudi Arabia and Egypt signed Sunday a number of agreements and memoranda of understanding for cooperation in various domains, particularly finance and investments.

In a press statement following the fifth meeting of the Saudi-Egyptian Coordination Council held in Riyadh, the two sides noted that Egyptian Petroleum Corporation signed an agreement with Saudi Development Fund and Saudi Aramco to finance its imports of oil products.

Two memoranda of understanding to implement the Saudi’s King program to develop Sinai Peninsula and to encourage investment in both countries have been also inked.

The council has stressed the importance of implementing the executive supplement of its foundation charter as well as completing the work of the committee in charge of the demarcating the marine borders between the two countries.

The two sides also agreed on preparing the agreements of the development, educational, housing, culture and media cooperation projects to be signed during the planned visit of the Saudi King Salman bin Abdulaziz to Egypt next month.

On behalf of Deputy Crown Prince Mohammed bin Salman bin Abdulaziz, Second Deputy Premier and Minister of Defense, Dr. Ibrahim Al-Assaf, chaired the Saudi side in the meeting while Dr. Sahar Nasr, Minister of International Cooperation, led the Egyptian side on behalf of Eng. Shareef Ismail, the Prime Minister.

A number of ministers and senior officials of the two countries attended the meeting.

Source: KUNA