Saudi Arabia supports Egypt’s economy with US$4 billion

Field Marshal Hussein Tantawi, chairman of the Supreme Council of the Armed Forces (SCAF), directed a message of thanks and appreciation to King Abdullah Abdel Aziz and the government of Saudi Arabia for supporting the Egyptian economy with nearly US$4 billion in the form of soft loans, deposits and grants.

Ahmed Abdel Aziz al-Qattan, Saudi Arabia's ambassador to Egypt, and the permanent representative of Saudi Arabia to the Arab League, said the package would help push the Egyptian economy forward. He pointed out that the Saudi economic support program for Egypt includes US$500 million for the general budget, US$500 million for soft loans, and US$500 million to support the general budget through the purchase of bonds, according to the terms of the initial public offering (IPO).

The Saudi ambassador added that the program also includes allocating US$500 million in soft loans from the Saudi Fund for Development for development projects in Egypt, as well as US$200 million in grants for small and medium enterprises. Qattan added that US$1 billion would be offered as a deposit to the Central Bank of Egypt in accordance to arrangements to be agreed upon between the Saudi Arabian Monetary Agency and the Central Bank.

He said that Saudi king stressed to Tantawi that ties between the two countries are strong and deep. Qattan said the size of the Saudi economic package offered to Egypt reflects the king's keenness to stand by the Egyptian people during this critical period.

Translated from the Arabic Edition

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