On Tuesday, the United Arab Emirates agreed to grant Egypt US$1 billion and lend it another US$2 billion. The UAE provided the financial lifeline after last week's ouster of the nation's Islamist president.

An Egyptian source said that Saudi Arabia would also consider lending another US$2 billion for Egypt. In two days, this loan was expected to be verified.

Due to political and economic volatility, Egypt's funds suffered. The Gulf Emirate was said to be granting a bigger financial package for the country besides the US$3 billion funding. The source close to the negotiations added that the loan would be deposited at Egypt's central bank. However, the interest rate and maturity of the deal was not yet settled.

Egypt run through about US$20 billion in reserves. It borrowed billions from overseas. The devastated economy was not able to pay oil companies on time. The uprising also scared tourists and foreign capitalists.