Arab aid to Egypt tops $9 billion
Saudi Arabia and Qatar have given Egypt $9 billion in financial aids, Minister of Planning and International Cooperation Ashraf al-Arabi said on Sunday.
Qatar gave Egypt $5 billion, $1 billion of which is a grant and the other $4 billion is in the form of deposits, al-Arabi said in a statement the Middle East News Agency (MENA) reported.
Saudi Arabia sent $4 billion, $500 million of which is a grant while the rest are dollar-denominated bonds.
Egypt has also received $500 million from Turkey to support the balance of payments and the state's budget and will receive $200 million this month from the World Bank dedicated to the Social Fund for Development for labour-intensive projects, the minister added.
Egypt's government is negotiating with the International Monetary Fund to borrow $4.8 billion.
- Why Kuwait budget spending is up 8% year-on-year in April-Jan
- Twist of fate: Middle East fund managers shy away from Turkey, warm up to Egypt
- 'Let them eat cake'...or in the case of Egyptians, shall we say 'pasta'?
- In flux: What's up with Dubai's stock market?!
- GCC banks could face capital and liquidity shortfall