Saudi Arabia has agreed to provide Egypt with more than USD3 billion in loans and grants to help its dollar-starved economy. The kingdom will loan USD1.5 billion to develop the Sinai Peninsula and USD1.2 billion to finance Egypt’s oil purchases, Egyptian Minister of International Cooperation Sahar Nasr told Bloomberg News from the Saudi capital, Riyadh. Egypt will also receive a USD500 million grant for buying Saudi exports and products, she said, without providing further details. The loans are on favorable terms and will be formally signed on Tuesday, she said, adding that negotiations are ongoing on financing Egypt’s oil purchases within the coming five years as promised earlier in December by King Salman. Both parties are set to meet again on 24 January in Cairo. (Bloomberg)