Saudi Arabia is expected to sign a deal worth an estimated $20billion to help finance Egypt’s petroleum needs.
The country said the move would be for the next five years with an interest rate of two percent and a grace period of at least three years.
According to government sources, Saudi Arabia is also expected to sign a deal worth $1.5billion to help develop Egypt’s Sinai region.
It is understood the agreements are expected to be signed later on this week during a visit to Cairo by Saudi Arabia’s King Salman.
Earlier today, Russian Energy Minister Alexander Novak said he hoped a “consolidated position” would prevail at the global oil producers’ meeting in Doha next week.