Egypt sees billions in aid from Saudi, UAE soon

Reuters , Wednesday 7 Sep 2011

Loan agreements are under discussion, minister of finance says

Hazem el-Beblawi
Egypt's Finance Minister Hazem el-Beblawi speaks to members of the media during a group meeting of Gulf and Arab Finance Ministers in Abu Dhabi, September 7, 2011. (Photo: Reuters)

Egypt expects to reach a loan agreement with Saudi Arabia and the United Arab Emirates worth several billions of dollars each soon, while another $500 million should come from the Arab Monetary Fund, the country's finance minister said on Wednesday.

"There are talks about a package coming from Arab countries, from Saudi Arabia, from the Emirates. We are under discussion, but both of them have presented proposals of a couple of billion dollars each," Egyptian Finance Minister Hazem El-Beblawi told Reuters on the sidelines of a meeting of Arab finance ministers in the UAE capital.

Asked when he expected a deal to be reached, he said: "Before the end of the year. It should be quite soon."


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