Aswat Masriya (Cairo)

20 January 2013

Egypt: Arab Aid to Nation Amounts to U.S.$9 Billion - Planning Minister

Saudi Arabia and Qatar have given Egypt $9 billion in financial aids, Minister of Planning and International Cooperation Ashraf al-Arabi said on Sunday.

Qatar gave Egypt $5 billion, $1 billion of which is a grant and the other $4 billion is in the form of deposits, al-Arabi said in a statement the Middle East News Agency (MENA) reported.

Saudi Arabia sent $4 billion, $500 million of which is a grant while the rest are dollar-denominated bonds.

Egypt has also received $500 million from Turkey to support the balance of payments and the state's budget and will receive $200 million this month from the World Bank dedicated to the Social Fund for Development for labour-intensive projects, the minister added.

Egypt's government is negotiating with the International Monetary Fund to borrow $4.8 billion.

Ads by Google

Copyright © 2013 Aswat Masriya. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 2,000 reports a day from more than 130 news organizations and over 200 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.