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Saudi Arabia pledges USD5b to Egypt

10 Jul 2013

(MENAFN) Saudi Arabia has promised USD5 billion in grants and loans to Egypt’s interim government, the second Gulf aid promise after the ouster of President Mohammad Musri, AP reported.

Earlier this month, the UAE pledged USD3 billion aid to the cash-strapped country, raising critics from the Muslim Brotherhood.

Saudi Finance Minister Ibrahim al-Assaf said the package includes USD2 billion to be deposited in Egypt’s Central Bank, another USD2 billion worth of oil and gas and USD1 billion in cash.

Egypt’s foreign reserves, needed to pay for vital imports but also used to prop up the local currency, have been hit hard by the continuous political crisis, bring in it down to just USD14.9 billion at the end of June, according to the country’s central bank, less than half the amount in early 2011.

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