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Egypt receives USD7 billion Gulf aid

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September 29
11:18 AM 2013

Egypt had received USD7 billion out of the USD12 billion aid promised by Gulf countries. This was according to a statement issued by the country's central bank governor last Sunday. The central bank governor also added that he was expecting further support from Saudi Arabia, Kuwait and United Arab Emirates.

The oil producers in the Gulf showered Egypt with aid pledges. This was after the country's President Mohamed Mursi was overthrown from his position last July. Egypt had struggled to pay for imports from the uprising last 2011 which ousted Hosni Mubarak. The uprising had driven tourists and foreign investors away from the country. Tourism and foreign investors had been the two main sources of foreign currency in Egypt.

The country had received USD7 billion, USD3 billion came from the UAE. Saudi Arabia and Kuwait gave USD2 billion for Egypt. This was according to Hisham Ramez who told reporters during a meeting of Arab central bankers in Abu Dhabi.

Earlier this month, Egypt had returned USD2 billion worth of financial aid from Qatar. This was after the discussion between the two countries to convert the funds into three year bonds broke down. The move was interpreted as a sign of increasing tensions between Egypt and Qatar.

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