Home » Economy, Handouts / Bailouts, Middle East » Egypt Central Bank receives USD 2 billion from Saudi Arabia

Egypt Central Bank receives USD 2 billion from Saudi Arabia

submit to reddit

Supporters of Egypt’s deposed President Mohamed Morsi walk past his portrait during a protest outside a mosque in Cairo on July 23, 2013.

Saudi Arabia has transferred USD 2 billion to the Egyptian Central Bank as part of an aid package Riyadh has pledged to Cairo following the ouster of President Mohamed Morsi.

The USD 2 billion of Saudi funds arrived in the form of a five-year interest-free deposit on Sunday, Egyptian Central Bank Governor Hisham Ramez said.

The Middle East powerhouse has promised to grant Egypt a further USD 2 billion in the form of oil and gas products and USD 1 billion in cash.

Egypt has already received USD 3 billion from the United Arab Emirates, USD 2 billion of which was a cash deposit and USD 1 billion an outright grant.

Alongside with Saudi Arabia and the UAE, Kuwait has also promised USD 4 billion to help the crashing Egyptian economy back on its feet.

On July 3, Egyptian Army removed the democratically elected President Morsi from office, suspended the constitution and declared the head of the Supreme Constitutional Court, Adly Mahmoud Mansour, as the interim president of Egypt.

Over 100 people have been killed in an unrelenting wave of violent clashes between Morsi supporters, his opponents, and security forces since the president was ousted by the military and put under “preventive” arrest.


No votes yet.
Please wait...


Did you like this information? Then please consider making a donation or subscribing to our Newsletter.
Copyright © 2009 The European Union Times – Breaking News, Latest News. All rights reserved.