Construction of infrastructure in Egypt has received a shot in the arm after the country announced it had secured a USD $1.5 billion grant from Saudi Arabia.
The country offered Egypt $1.5 billion worth of financial aid for its major development projects including construction of residential complexes, hospitals and schools in the Sinai Peninsula, said a report.
According to the report released by the government of Egypt they will be using the money for key development projects including construction of 26 residential complexes, hospitals and schools in the Sinai Peninsula, said a report.
The kingdom has already offered billions of dollars in aid to Egypt since the 2013 ouster of President Muhammad Mursi, reported Arab News.
In December, Riyadh pledged $8 billion dollars in investment and aid to Egypt over five years, it added.
The county which is looking into expanding more of their infrastructure due to the rapid increasing population has in the past few months signed deals with various countries for the same.
The latest ongoing project is the construction of the new Millennium City in the outskirts of Cairo to ensure that they decongest the city that in the current years holds the most government offices and the city has been too overcrowded.
According to the Egyptian president Sisi hi country is looking into ensuring the livelihoods of their citizens are welfare and that will be only achieved by improving the infrastructure states of the country.
In his recent international travels the president has secured numerous deals which include construction of the Suez Canal, construction of modern new city and in the process of dealing with the frequent power shortages the
country is currently constructing a nuclear power plant which is expected to be completed in four years time.
The president also partnered with various countries such as Japan, China, Germany and Russia in completing the projects.