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Saudi Arabia transfers $2 billion to Egypt

Saudi Arabia transfers $2 billion to Egypt

Cairo: Saudi Arabia has transferred $2 billion to the Central Bank of Egypt as a deposit for five years without interest, state-run Ahram Online reported Sunday.

On July 9, Saudi King Abdullah bin Abdulaziz Al Saud ordered financial assistance worth $5 billion to Egypt including $2 billion in the form of oil and gas products, $2 billion as a deposit and $1 billion as a grant, reports Xinhua.

Also, the United Arab Emirates offered a $3 billion aid package to Egypt, where the military has ousted the Muslim Brotherhood regime of Mohamed Morsi sparking violent protests.

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