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Egypt confirms the receipt of USD3b aid from UAE

19 Jul 2013

(MENAFN) Egypt’s central bank confirmed the receipt of USD3 billion pledged by the UAE, as part of a total USD12 billion that Gulf Arab states promised after the military ousted Islamist President Mohamed Mursi early this month, Reuters reported.

The UAE vowed last week that to grant Egypt USD1 billion and a USD2 billion loan in the form of an interest-free central bank deposit. Saudi Arabia pledged USD5 billion and Kuwait, USD4 billion.

Meanwhile, Central bank governor Hisham Ramez said that Saudi Arabia will transfer USD2 billion in promised aid to Egypt within the next few days, According to Al Ahram daily news.

Ramez also said promised fuel aid from the Gulf would reduce pressure on Egypt’s foreign exchange reserves by up to USD650 million a month.

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