Egypt

Saudi finance minister: US$2.7 bn aid package for Egypt being finalized

Saudi Arabia is in the process of finalizing a US$2.7 billion aid package for Egypt, the Gulf kingdom’s finance minister said in a speech on Tuesday.

The funds aim to help Cairo secure a $3.2 billion International Monetary Fund loan following the early 2011 uprising that swept former President Hosni Mubarak from power.

After the transfer of $1 billion to Egypt's Central Bank earlier this month, the Saudi package also includes $500 million of support for development projects, $250 million to finance purchases of petroleum products and $200 million for small- and mid-sized firms.

Related Articles

Back to top button