Emirates to finance oil product purchases for Egypt worth $9 billion: Press

Ahram Online , Wednesday 27 Aug 2014

Egypt to receive more aid from Emirates for one year starting September to be reimbursed on 4 years according to Al-Ahram daily newspaper

People jostle for a fuel dispenser nozzle as a worker fills the tank of a car at a petrol station in Cairo (Photo: Reuters)

The United Arab Emirates will extend its aid to Egypt providing LE63 billion ($9 billion) for one year starting in September for oil product purchasing, a source in the petroleum ministry told Al-Ahram’s daily newspaper.

The source added that Egypt will pay back the sum in four years with an interest rate of two to three percent and a grace period of one year. 

The reimbursement will be made both in Egyptian Pounds and US Dollars according to an agreement that will be signed in the coming days.

Al-Ahram also reported that oil product aid from Saudi Arabia will end in August. 

Saudi Arabia, the United Arab Emirates and Kuwait rushed to provide aid to Egypt shortly after the ouster of the Islamist President Mohamed Morsi after mass protests in July 2013.

A report issued last February by the finance ministry indicates that the three countries have sent Egypt LE73.5 ($10.5 billion) between July and December with LE29.4 billion ($4.2 billion) coming from the UAE, LE25.2 billion ($3.6 billion) from Saudi Arabia and LE18.9 ($2.7 billion) from Kuwait. 

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