Egypt’s International Cooperation Minister Sahar Nasr said on Wednesday that the Egyptian government has received $500 million, the first batch of a $2.5 billion grant.
The agreement on the grant was reached during King Salman’s visit to Cairo in April with the aim of strengthening Egypt’s economy, the cabinet announced on Thursday. The grant agreement, however, was not announced at the time of the visit.
Nasr confirmed to Aswat Masriya the receipt of the first batch of the grant, but did not elaborate further on the timing of the upcoming batches.
During King Salman’s visit to Egypt, a number of agreements were struck between the two countries amounting to $25 billion.
However, the visit’s financial and economics outcomes were overshadowed by another agreement announced by the end of the visit.