The Saudi Fund for Development allocated USD1.5 billion, divided into two parts, to finance health and education projects in Egypt, as well as the establishment of a university in the name of King Salman, according to Hassan Al-Attas, director-general of operations of the fund. The remainder USD750 million will be used to purchase goods for the people of Sinai. Al-Attas told Daily News Egypt that the fund has identified the financing needs of projects in Sinai over the next two years, pledging to begin the procedures as soon as possible.  “We will do our best to implement the development projects in Sinai as soon as possible,” he said. He explained that a USD200m grant will be given to the Social Fund for Development for financing small and medium enterprises (SMEs) on 24 January, during the third meeting of the Egyptian-Saudi Coordinating Council. According to Al-Attas, the Saudi fund, along with the rest of the Arab funds, has reviewed the plans of the Ministry of International Cooperation and identified the projects that comply with the fund’s criteria. He noted that the procedures to begin implementing these projects are ongoing, and will be finalised soon. (Daily News Egypt)