By RIYADH: GHAZANFAR ALI KHAN ARAB NEWS STAFF
Saudi Arabia yesterday agreed to give an initial loan package worth nearly $ 2 billion to support Egypt’s economy. It has transferred $ 1 billion to Egypt’s central bank as an eight-year deposit, Faiza Abu El-Naga, the Egyptian minister for planning and international cooperation, said yesterday.
“Saudi Arabia is implementing its financial package for Egypt, which will go a long way in helping the battered economy,” said El-Naga while thanking the Kingdom for its support.
“Saudi Arabia has pumped this fund in the form of a deposit at the Central Bank of Egypt, while it also provided a $ 500 million loan to boost Egypt’s economy,” said the minister in a statement released by the Egyptian Embassy in Riyadh.
Saudi Ambassador to Cairo, Ahmed Qattan, confirmed the report saying the Kingdom signed an agreement with Egypt to provide $500 million to support its various economic sectors and $1 billion to deposit in the Egyptian Central Bank.
read more here: http://arabnews.com/saudiarabia/article631749.ece
Categories: Africa, Economics, Egypt, Saudi Arabia
It is correct that Muslim nations that have been blessed by Allah with natural resources should assist their less fortunate brothers. May Allah reward them.