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Saudis pump $1 billion into Egypt economy and re-open embassy
Pete Willows Published in Bikya Masr on 06 - 05 - 2012

CAIRO: Saudi Arabia will implement its financial package to Egypt, said Minister of Planning and International Cooperation Fayza Abul-Naga.
Abul-Naga, in statements carried by Saudi Al-Watan newspaper, and Arabic language daily, denied media reports claiming that Saudi Arabia intends to suspend financial aid to Egypt.
This month, the Kingdom of Saudi Arabia will pump approximately $1bn in the form of a deposit at the Central Bank of Egypt (CBE), said Abul-Naga stressing that the kingdom has provided a $500 million loan to boost Egypt's budget during the past period.
This money is badly needed by Egypt's anemic economy.
Unrest in the form of demonstrations outside of the Saudi embassy in Cairo, in a dispute over the arrest and detainment of Egyptian lawyer-activist Gizawi in Riyadh, forced the Saudis to recall their diplomatic staff.
Last year, Egyptians climbed the walls of the building housing the Israeli embassy in Cairo, breaching the premises and sacking the offices.
The SPA, the Saudi state news agency, said that the king “instructed the kingdom's ambassador to Cairo to resume his post, and ordered the reopening of the embassy and the consulates in Alexandria and Suez.”

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