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FINANCIAL NEWS
Egypt receives USD2b loan package from Saudi
11 May 2012
(MENAFN) Egypt’s minister for planning and international cooperation, Faiza Abu El-Naga, announced that Saudi will provide her country with an initial loan package worth around USD2 billion to boost its economy, reported Arab News.
Abu El-Naga said that Riyadh has deposited USD1 billion in the Egyptian central bank, moreover, it also provided a loan of USD500 million to aid the country’s various economic sectors.
On the other hand, Saudi Ambassador to Cairo, Ahmed Qattan, said that his country also gave Cairo USD250 million to fund gas exports from the Kingdom and USD200 million to fund its small and medium enterprises (SMEs).
It is worth noting that Saudi is committed to support Egypt with USD 2.7 billion in financial assistance.
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