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Egypt received $500 mln from Saudi: Kingdom FM

Saudi foreign minister rejects claims by Egypt prime minister that Kingdom failed to follow through on aid pledges after 2011 uprising

Ahram Online, Reuters, Wednesday 29 Feb 2012
Saud Al-Fisal
Saudi Foreign Minister Saud Al-Fisal (Photo: AFP)
Views: 462
Views: 462

Egypt received a $500 million grant from Saudi Arabia in May 2011 as part of a total aid package of $3.7 billion, Saudi Foreign Minister Saud Al-Faisal was reported as saying by the Saudi Press Agency (SPA) on Wednesday.

Al-Faisal denied claims made on Sunday by Egyptian Prime Minister Kamal El-Ganzouri that Arab and Western countries had breached their vows to help Egypt's economy in the wake of the uprising that toppled former president Hosni Mubarak.

"Egypt has delayed talks over a $1.45 billion investment by the Saudi Development Fund," SPA quoted the minister as saying.

"We’ve only received $1 billion from the Arab countries,” Ganzouri said during a press conference at the General Authority for Investment in December 2011. This was despite the fact that a handful of oil-rich Arab states had earlier pledged $10 billion in aid to Egypt in the wake of the January 2011 revolution.

Egypt is yet to receive the $2.25 billion in post-revolution financial assistance promised by the US government.


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