Saudi Arabia, Kuwait and the United Arab Emirates deposited $6 billion with Egypt's central bank on Wednesday, the bank's governor said, a sign the Gulf powers remain committed to propping up the Egyptian economy.
Gulf oil producers have given Egypt a free fuel lifeline totalling $6 billion in value to help fend off unrest on its streets in the summer when consumption soars, the head of its national oil company said.
Tarek El-Molla, head of
Egypt's army is taking charge of billions of dollars of development aid from the United Arab Emirates, an army official said, raising further doubts over the narrow separation of powers with the military backed administration in place since
The details of Egypt's second stimulus package since Islamist President Mohamed Mursi was ousted in July will be announced within days, Finance Minister Ahmed Galal told reporters at an investment conference on Tuesday.
Egypt promised on Wednesday to pay $1.5 billion of the $6 billion it says it owes oil firms, hoping the announcement made at an investment conference will revive confidence in an economy battered by nearly three years of political upheaval.
Egypt returned $500 million to Qatar on Dec. 2 after Qatar refused to renew the deposit it had made with Egypt's central bank upon its maturity, an official at the bank told Reuters on Tuesday.
Qatar was one of the few Arab st
Egypt has received $7 billion out of the $12 billion in aid pledged by Gulf countries, its central bank governor said on Sunday, adding that he expected further support from the United Arab Emirates, Saudi Arabia and Kuwait.
Egypt's political crisis has dealt a blow to any hopes for a quick economic recovery, but aid from its Gulf allies is likely to prevent a financial collapse.
Clashes between followers of deposed Islamist President Mohamed Murs
In his support for the Egyptian authorities, Saudi King Abdullah on Friday described street protests by the Muslim Brotherhood as representing "terrorism and sedition".
That stark view of a crisis that has killed hundred
Egypt's urban consumer inflation quickened to its fastest in two years last month, the central bank said on Wednesday, driven by higher food prices and a sliding currency.
Urban consumer inflation rose to an annual 10.28 perce