Saudis, UAE sending billions in Egypt aid
Saudi Arabia and the United Arab Emirates have agreed to offer a combined $8 billion in financial aid to Egypt following the removal of President Mohamed Morsi, according to reports and UAE news agency WAM.
The UAE contribution includes a $1 billion grant and a $2 billion interest-free loan, the state news agency said Tuesday. Separately, Reuters reported that the Saudi government had pledged $5 billion in central bank deposits, energy and cash, citing the kingdom's finance minister.
With its economy struggling, Egypt's reserves have fallen to $14.9 billion, or less than three months of imports, Reuters said.