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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)
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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.
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