Arab aid to Egypt tops $9 billion

Financial aid to Egypt from Arab nations has topped $9 billion, mainly from oil-rich Saudi Arabia and Qatar.

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, [2] $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, [3] $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 [4]to borrow $4.8 billion.

Egypt has received $9 billion in financial aid, mainly from Saudi Arabia and Qatar