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FINANCIAL NEWS
Saudi Arabia, UAE approve total of USD8 billion grant to Egypt
10 Jul 2013
(MENAFN) Saudi Arabia has agreed on Tuesday to grant USD5 billion to Egypt as support amid the critical situation the country is facing on the financial and political level ever since the army took over the country. UAE also approved USD3 billion grant. DailyStar reported.
Ibrahim Alassaf, the Saudi Finance Minister, explained that the Saudi fund will be in form of USD2 worth energy products, and USD2 billion central bank deposit, in addition to USD1 billion in cash. UAE on the other hand, will inject the USD3 billion as USD1 billion grant and USD2 billion loan to Egypt.
It’s worth mentioning that Egypt has been facing a hard time to pay for imports and delayed payments for oil companies. Moreover is has already consumed more than USD20 billion in reserves since the uprising in 2011.
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