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UAE agrees to give Egypt $3 billion in loans and grants: source

Reuters, Tuesday 9 Jul 2013

Emirates and Saudi Arabia in talks to give Egypt loans and grants

Mohamed Morsi
A protester opposing Egyptian President Mohamed Morsi holds an anti-Morsi poster during a protest in front of the presidential palace in Cairo June 30, 2013. (Photo: Reuters)
The United Arab Emirates has agreed to grant Egypt $1 billion and lend it another $2 billion, an Egyptian source close to the talks said on Tuesday.
 
The source said the amount was expected to be part of a larger financial package from the UAE. The loan would be in the form of a deposit at Egypt's central bank, although the interest rate and maturity had yet to be finalized.
 
He also said that Saudi Arabia was expected to lend Egypt $2 billion, which he expected to be confirmed within two days.
 
 
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