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$5.8 bn of fresh Gulf aid to Egypt

New Saudi aid package to come in form of central bank deposits and petroleum products, as UAE also steps up pledges

Waad Ahmed , Thursday 30 Jan 2014
Hisham Ramez
New Egypt Central Bank's governor, Hisham Ramez (Photo: Al-Ahram)
Views: 4257
Views: 4257

Saudi Arabia is expected to give Egypt up to $4 billion in additional aid in the form of central bank deposits and petroleum products, Egyptian daily newspaper Al-Ahram reported on Thursday. 

The UAE is also expected to contribute $1.8 billion to the new aid package in the form of fuel shipments, an unnamed ministerial source told the paper. 

In September 2013, Mohammed Bin Zayed Al-Nahyan, the crown prince of Abu Dhabi, pledged an additional aid comprising deposits and grants to support Egypt,
The new aid package will be worked out during a visit next week to the oil-rich kingdom by Egypt's interim Prime Minister Hazem El-Beblawi, added the source.

According to Al-Ahram, half of the latest Saudi aid package is expected to be deposited at the Central Bank of Egypt (CBE) before the end of January, with the other half to be delivered in the form of fuel shipments

Gulf Arab states have pledged $12 billion to Egypt since the 3 July overthrow of Islamist President Mohamed Morsi of the Muslim Brotherhood.

An anonymous source familiar with the matter told Ahram Online on Thursday that Egypt has already received the full amount of the first Gulf aid package in the form of deposits at the CBE, grants and fuel shipments.

The funds have kept the economy afloat during political turmoil, which has hit investment and tourism particularly hard.

CBE governor Hisham Ramez assured earlier this week in televised statements that foreign reserves will not fall below their current level of $17.03 billion, despite holding an exceptional FOREX auction earlier this week which sold off $1.5 billion.

Banks and state-run institutions snatched up the dollars in order to import staple commodities, raw materials and pharmaceutical components.

Egypt is expected to shortly announce the details of its second economic stimulus package since Morsi's ouster, amid hopes of boosting tepid growth rates and reassuring investors, Finance Minister Ahmed Galal said on Tuesday.

The Egyptian economy grew by just 1.04 percent in the first quarter of the 2013/14 fiscal year, according to CBE data. 

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31-01-2014 03:00pm
Saudi Arabia pays Egypt to continue killing its most poorest and most weak. Bravo! Cowardly and cheap Egypt.
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Sharif Shehata
30-01-2014 11:47pm
Egypt dose not need aid from any country. Egypt's needs to work hard and to use our own resources to be self-help. We need to cut Government expenses. We are not brainless, it hurts to much to see Egypt's honour and respect will be lost in the world. we need to use our brains for Egypt not for corruption, we need to ask ourselves how many cases of corruption in Egyptian Courts. Corruption is one of biggest issue in Egypt,How much money in Swiss Banks,English Banks and Banks around the world. Egypt is not a poor country and never to be. I hope we feel shame about ourselves. Egypt deserves better. Don't cry for me Egypt,I am still your Son. All we need to be honest and to do our jobs right. God save Egypt, God bless you all.
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waleed fathy
30-01-2014 05:12pm
Never dose the brotherhood die
We are very graceful for what the Arab Gulf countries are doing with the Egyptian people, yet I wonder!!!when will we say that Egypt heals,deals with its problems ,and paves its way to good future? I do hope who will run for presidency position next April 2014 should display his platform to Egyptian people and should be debated before sustaining him.We are sick of buying illusion to the Egyptian people.One more thing.Although I do support one of the nominee and he does protect Egyptian People from quite a few of tricks , I do not prefer to make the history repeat itself. I mean the Egyptian people should evaluate what he will introduce in his platform to let Egypt get out from the dark tunnel so fast. I do hope too that we find a solution to cultivate the all area in Toshka,build new cities on boards especially in Sinai,build the nuclear reactor in El Dabaa for building lot of nuclear plants in all around Egypt.We do our dreams become facts.
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