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.
