Last Update 0:50
Monday, 17 December 2018

Saudi financial aid to Egypt will continue: Minister

Kingdom's finance minister says the country remains committed to helping Egypt's economy despite strains in their diplomatic ties

DPA, Sunday 6 May 2012
Saudi finance minister
Saudi Arabia's finance minister, Ibrahim Al-Assaf (Photo: Reuters)
Views: 1734
Views: 1734
Saudi Arabia is committed to providing Egypt with up to $3.7 billion in financial aid despite recent strained ties between the two countries, the Kingdom's finance minister Ibrahim Al-Assaf said on Saturday.
"Saudi has supported Egypt's economy before by sending $500 million," Al-Assaf told reporters after a conference for finance ministers of Arab Gulf states held in the Saudi capital Riyadh.
Saudi Arabia announced in April that it will deposit $1 billion in Egypt's central bank and buy treasury bonds worth $750 million by the end of April as part of a $2.7 billion package to support Egypt's battered finances.
The Saudi Ambassador to Egypt, Ahmed Qattan, arrived in Cairo on Saturday to resume work.
Qattan was recalled by Riyadh following demonstrations in front of the Saudi embassy in Giza. Protesters were demanding the release of activist Ahmed El-Gizawi who was recently arrested on his arrival in the Kingdom.
Short link:


Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.

© 2010 Ahram Online.