Saudi, UAE offer Egypt $8 billion lifeline
Abu Dhabi, July 9, 2013
Saudi Arabia and the United Arab Emirates (UAE) approved aid packages amounting to $8 billion to Egypt on Tuesday in a boost to the new interim leadership of the country.
The aid comes after the Egyptian army overthrew President Mohamed Mursi of the Muslim Brotherhood.
The Saudi aid will comprise a $2 billion central bank deposit, $2 billion in energy products and $1 billion in cash, the Saudi Finance Minister Ibrahim Alassaf told Reuters.
The UAE will provide a $1 billion grant to Egypt and a $2 billion loan as an interest-free central bank deposit, state news agency Wam said on Tuesday.
The announcement came during a UAE delegation's visit to interim head of state Adli Mansour at the presidential palace in Cairo, Wam said.
The UAE delegation included the UAE's national security adviser, foreign minister and energy minister.
Earlier, an Egyptian source close to the talks between the UAE and Egypt said the amount was expected to be part of a larger financial package from the UAE. - Reuters