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The United Arab Emirates has transferred $3 billion in promised aid to Egypt and another $2 billion from Saudi Arabia will arrive shortly, Egypt's central bank governor told the state newspaper al-Ahram on Thursday.
Gulf Arab oil producers have promised aid packages worth $12 billion to Egypt since the overthrow of President Mohamed Mursi, throwing a lifeline to the most populous Arab nation.
Since then it has run through more than $20 billion in reserves, borrowed billions from abroad and delayed payments to oil companies.
Hisham Ramez also said promised fuel aid from the Gulf Arab oil producers would reduce pressure on Egypt's foreign exchange reserves by up to $650 million a month.
Ramez said the planned aid would lift Egypt's battered foreign exchange reserves to more than $20 billion after falling by around $1 billion to $14.92 billion in June. There was no date yet for the promised $4 billion in aid from Kuwait, he added.
The first $2 billion from Saudi Arabia, which has promised a $5 billion aid package including energy products, would be a 5-year interest-free deposit, he said.
Last week, the United Arab Emirates said it would will provide a $1 billion grant to Egypt and a $2 billion loan as an interest-free central bank deposit.....snip~
UAE transferred $3 billion in aid to Egypt, Saudi to follow shortly
Well.....see there you have it. The rest of the Sunni Led countries will come to Egypt with their Aid. No Need for us to be throwing them any money whatsoever. Plus the EU is coming up with another Couple of Billion. Let them pay their way. For their alleged brethren.
Gulf Arab oil producers have promised aid packages worth $12 billion to Egypt since the overthrow of President Mohamed Mursi, throwing a lifeline to the most populous Arab nation.
Since then it has run through more than $20 billion in reserves, borrowed billions from abroad and delayed payments to oil companies.
Hisham Ramez also said promised fuel aid from the Gulf Arab oil producers would reduce pressure on Egypt's foreign exchange reserves by up to $650 million a month.
Ramez said the planned aid would lift Egypt's battered foreign exchange reserves to more than $20 billion after falling by around $1 billion to $14.92 billion in June. There was no date yet for the promised $4 billion in aid from Kuwait, he added.
The first $2 billion from Saudi Arabia, which has promised a $5 billion aid package including energy products, would be a 5-year interest-free deposit, he said.
Last week, the United Arab Emirates said it would will provide a $1 billion grant to Egypt and a $2 billion loan as an interest-free central bank deposit.....snip~
UAE transferred $3 billion in aid to Egypt, Saudi to follow shortly
Well.....see there you have it. The rest of the Sunni Led countries will come to Egypt with their Aid. No Need for us to be throwing them any money whatsoever. Plus the EU is coming up with another Couple of Billion. Let them pay their way. For their alleged brethren.