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.

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