Egypt receives $26.7 million loan for educational facilities
Recent reports reveal that Saudi Arabia has granted Egypt a 20-year, $26.7 million loan to help fund a project to establish new educational facilities. The loan will be provided by the Saudi Arabian Development Fund, and will carry a two percent annual interest rate, according to KsaToday daily.
The Saudi government has stressed the importance of the education sector and its role to the development of the Kingdom. As a result, the development and financing of educational facilities have been of the utmost importance.
There are currently eight universities in various parts of the country, with a total of 76 colleges specializing in 400 fields of study. These colleges have 10,000 person staff and 239,000 students.
In addition, 72 faculties for girls attended by about 195,000 students exist in affiliation to the General Presidency of Girls’ Education. Furthermore, The Ministry of Education has 18 technical faculties.
The Saudi government is responsible for funding these facilities. –(MENA Report)
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