Saudi signs $5 billion aid deal to boost Egyptian economy
Saudi aid will help boost Egyptian construction, tourism and investment sectors. (Image credit: Shutterstock)
A senior official at the Ministry of Finance said Saudi Arabia would offer a new aid package to Egypt worth US$5 billion according to Egypt Independent.
“Negotiations over this package have lasted for nearly one month. It includes grants, a deposit in the Central Bank of Egypt and oil products,” the Anadolu news agency quoted the official.
The official reportedly told the Anadolu news agency that the package also includes a non-refundable grant of $1 billion, adding that additional details will be announced soon.
“The government tends to use this new aid package to stimulate the economy and revive suspended economic sectors, especially the construction, tourism and investment sectors, in order to reduce unemployment rates and to reduce the deficit of the state budget,” the official said.
Saudi Arabia announced last July it would provide an aid package worth $5 billion to Egypt, among other aid packages from UAE and Kuwait totaling $12 billion.
- Egypt passed the economic conference with flying colours, but what's next?
- Why the GCC really needs a VAT tax
- Selfies, jokes, and billions: Sisi 'boisterous' after economic summit, but the hard part has just begun
- 'Open for business': what did the World Bank have to say about Egypt's economic conference?
- Egypt's Economic Conference: formidable expectations, formidable challenges