Saudi Arabia will send Egypt within few days an additional of USD97mn to complete the first tranche of the Sinai Development loan after receiving USD300mn recently, a senior government source said. The remaining amount will go for building King Salman's University in Al-Tor city and the first phase of some development projects in the peninsula, he added. The funding is part of an agreement signed by the two countries in Riyadh in March, aiming to provide Egypt a USD1.5bn soft loan to help develop the Sinai and to buy Saudi oil products needed for development purposes. Saudi Fund for Development's loan for the development of Sinai is worth cUSD1.4bn, in addition to USD100mn to be kept in reserves, the government official said. The Kingdom will disburse 30% of the loan for each tranche; and 10% for the last tranche, the official added. (Amwal Alghad)