Ahigh-profile official at the Finance Ministry said Egypt will receive an aid package amounting to $9 billion from Saudi Arabia and UAE early in January, according to Anadolu Agency.
The official, who spoke on condition of anonymity, said Egypt expects $5 billion from Saudi Arabia and $4 billion from the UAE. He added that the aid will have zero interest and will be repaid over five years.
The official also expected the aid to include crude products worth not less than $1 billion, which are expected to help the Arab World’s most populous country meet its oil requirements.
The Egyptian government began talks with the two Gulf states over the new funding in September, the official added.
Egypt has received $12 billion in aid from KSA, UAE and Kuwait after the army had ousted the democratically elected president Mohamed Mursi in July.
The official, who spoke on condition of anonymity, said Egypt expects $5 billion from Saudi Arabia and $4 billion from the UAE. He added that the aid will have zero interest and will be repaid over five years.
The official also expected the aid to include crude products worth not less than $1 billion, which are expected to help the Arab World’s most populous country meet its oil requirements.
The Egyptian government began talks with the two Gulf states over the new funding in September, the official added.
Egypt has received $12 billion in aid from KSA, UAE and Kuwait after the army had ousted the democratically elected president Mohamed Mursi in July.
Source:
Mubasher
