CAIRO: Saudi Arabia's Foreign Minister Prince Saud al-Faisal said that Riyadh is committed to supporting Egypt's economy with $3.75 billion, adding that Saudi Arabia took the initiative to transfer half a billion dollars as a grant to support the Egyptian budget. Al-Faisal was quoted by the official Saudi press agency SANA on Tuesday that the Saudi government “did not hesitate to stand by the Egyptian people,” stressing that the Egyptians were “unable to determine economic priorities for internal reasons.” Al-Faisal added that King Abdullah bin Abdul Aziz is keen to “what is good for the interests of the brotherly Egyptian people” and that the Kingdom “had already committed to its support for Egypt to meet the challenges facing the Egyptian economy,” through the aid package amounting to $3.75 billion. “The Kingdom took the initiative to transfer $500 million budget support grant to Egypt, the amount was transferred to the Egyptian Ministry of Finance, the Central Bank of Egypt on May 16 last year,” he was quoted as saying. The Saudi FM`s statements come in response to remarks attributed to Egyptian Prime Minister Kamal el-Ganzouri, earlier this week, where he said that some Arab and foreign states had pledged financial aid to Egypt, but had not committed to these pledges. BM ShortURL: http://goo.gl/2nXaE Tags: Aid, Budget, featured, Saudi Section: Business, Egypt, Latest News
