Egypt has entered into a 5-year deal with Saudi Arabia to get around $20 billion of oil products, a government official revealed.

According to the official, the deal provides easy payment terms for Egypt. He said further details of the deal is to be announced publicly at a ceremony attended by both heads of state.

The official disclosed that the two countries have also concluded a 3-month oil deal worth $1.5 billion. The deal which is part of the 5-year agreement began earlier this month.

This deal is part of Saudi Arabia’s promise of economic support for Egypt. Saudi in conjunction with Kuwait and the U.A.E. invested tens of billions into the country as a means of support, Bloomberg reports.

Saudi Arabia in January vowed to invest $8 billion in Egypt through its public and sovereign funds, provide $1.5 billion to develop the Sinai Peninsula as well as grant $200 million of loans for small- and medium-sized enterprises.

Anita Fatunji