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FINANCIAL NEWS
Saudi to provide Egypt with USD3.7b financial aid
02 Mar 2012
(MENAFN) Saudi Foreign Minister, Prince Saud Faisal, said that the Kingdom would honor its commitment to provide Egypt with a USD3.7 billion aid, reported Arabian Business.
Faisal added that in May, Saudi transferred USD500 million of the amount, however, Egypt delayed talks over a USD1.45 billion assistance package offered by the Saudi Development Fund.
On the other hand, Egypt’s military-backed Prime Minister, Kamal el-Ganzouri, said that the US and Arab allies are holding back aid money, because Egypt has adopted more independent policies since the uprising.
It is worth noting that El Ganzouri met with Arab ambassadors who promised to aid Egypt financially, however, two months later, none of these promises have come through, according to him.
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