Egypt expecting $9 billion in aid from Gulf states

Hussein Alnuwais, chairman of UAE's Khalifah Monetary Fund, is preparing to send a further $200 million fund for small and medium Egyptian enterprises.

Egypt expecting $9 billion in aid from Gulf states

World Bulletin / News Desk

Egypt is expecting an aid package worth a total of $9.1 billion from Gulf countries within a few weeks, including $2.9 billion from the United Arab Emirates, as part of a development assistance agreement signed after the July 3 coup.

Egypt's Al-Ahram reported the news on Tuesday quoting an "informed government source", stating that UAE Minister of State Sultan Ahmad Algaber is due in Egypt to follow up on the $1 billion of the pledged out of the $4.9 billion fuel and gas deal that has already been paid.

The source also claimed that Hussein Alnuwais, chairman of UAE's Khalifah Monetary Fund, is preparing to send a further $200 million fund for small and medium Egyptian enterprises.

Additionally, the Saudi Development Fund, the Islamic Bank for Development and the Kuwaiti Fund are expected to discuss loans worth $2 billion for Egypt.

Egypt has so far officially received over $11 billion in aid from Gulf Arab states since the coup that ousted elected president Mohamed Morsi, although some claim this figure is closer to $16 billion.

Last Mod: 18 Şubat 2014, 17:53
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