Tue, 11/09/2012 - 17:54
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Minister of Planning and
International Cooperation Ashraf al-Araby said Tuesday that talks have
started with the Saudi delegation currently visiting Cairo to secure an
aid package of US$1.5 billion.
US$1 billion would be soft loans, bonds
and treasury bills to support the state budget, and US$500 million would
be allocated to development projects, particularly the Suez Canal, East
Port Said, North West Suez Gulf and New Valley, where the
infrastructure allows fast returns on investment and helps create new
job opportunities.
“Saudi Arabia is one of the countries that wants to support Egypt at
the current stage,” Araby said. “It has also credited us US$250 million
to import petroleum products from it.”“Their other loan of US$200 million will improve the small projects market,” the minister said, adding that foreign and Arab investors are optimistic about the Egyptian economy.
He also said tourism is an important sector for the economy, pointing to Qatar, which he said was interested in investing US$1.8 billion in the North Coast and East Port Said.
“Our strategy is to encourage investment opportunities,” he said.
Edited translation from Al-Masry Al-Youm
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