Saudi Foreign Minister Saud al-Faysal, accompanied by Finance Minister Ibrahim Assaf, arrived Wednesday in Cairo for a brief visit to discuss trade and investment.
The Saudi delegation will hold talks with the head of the ruling Supreme Council of the Armed Forces (SCAF), Field Marshal Hussein Tantawi, and other officials on regional developments and ways to boost cooperation in trade and investment among the two countries.
Sources from the Egyptian Finance Ministry told Al-Masry Al-Youm on Thursday that three Gulf countries expressed intentions to grant Egypt financial aid worth US$17 million. Qatar, Saudi Arabia and Kuwait will give Egypt $10 million, $4 million and $3 million, respectively.
The Central Bank of Egypt said on Thursday that the country’s foreign currency reserve had dropped by $8 billion from December to April as the government tapped the reserve to cope with the revolution and its impact on the economy.
Tourism revenue, one of Egypt's primary sources of income, has also decreased, while the government was forced to raise wages across sectors in response to labor protests.
Translated from the Arabic Edition
