Exploring Riyadh's Historical Sites and Cultural Gems    Egypt secures $130m in non-refundable USAID grants    URGENT: US PPI declines by 0.2% in May    Singapore offers refiners carbon tax rebates for '24, '25    HSBC named Egypt's Best Bank for Diversity, Inclusion by Euromoney    G7 agrees on $50b Ukraine loan from frozen Russian assets    Egypt's CBE offers EGP 4b zero coupon t-bonds    EU dairy faces China tariff threat    Over 12,000 Egyptian pilgrims receive medical care during Hajj: Health Ministry    Egypt's rise as global logistics hub takes centre stage at New Development Bank Seminar    MSMEDA, EABA sign MoU to offer new marketing opportunities for Egyptian SMEs in Africa    Blinken addresses Hamas ceasefire counterproposal, future governance plans for Gaza    Egypt's President Al-Sisi, Equatorial Guinea's Vice President discuss bilateral cooperation, regional Issues    Egypt's Higher Education Minister pledges deeper cooperation with BRICS at Kazan Summit    Egypt's Water Research, Space Agencies join forces to tackle water challenges    Gaza death toll rises to 37,164, injuries hit 84,832 amid ongoing Israeli attacks    BRICS Skate Cup: Skateboarders from Egypt, 22 nations gather in Russia    Pharaohs Edge Out Burkina Faso in World Cup qualifiers Thriller    Egypt's EDA, Zambia sign collaboration pact    Madinaty Sports Club hosts successful 4th Qadya MMA Championship    Amwal Al Ghad Awards 2024 announces Entrepreneurs of the Year    Egyptian President asks Madbouly to form new government, outlines priorities    Egypt's President assigns Madbouly to form new government    Egypt and Tanzania discuss water cooperation    Grand Egyptian Museum opening: Madbouly reviews final preparations    Madinaty's inaugural Skydiving event boosts sports tourism appeal    Tunisia's President Saied reshuffles cabinet amidst political tension    Egypt to build 58 hospitals by '25    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt says Saudis agree to $4 bln in assistance
Published in Daily News Egypt on 22 - 05 - 2011

CAIRO: Saudi Arabia has agreed to provide cash-strapped Egypt with about $4 billion dollars to support its economy, Egypt's state MENA news agency reported on Saturday.
Cairo has been asking donors and the International Monetary Fund (IMF) to help bridge a funding gap through mid-2012 estimated at $10-12 billion in the wake of the mass protests that ousted president Hosni Mubarak on Feb. 11.
The turmoil has caused tourism and investor revenue to dry up at a time when high popular expectations have increased the pressure on the budget.
"The $4 billion will be distributed in the form of soft loans, deposits and grants," MENA quoted Field Marshal Mohamed Hussein Tantawi, head of Egypt's ruling military council, as saying. It did not provide a timeframe or other details.
Al-Ahram newspaper, quoting unnamed Arab sources in Cairo, said on Saturday the $4 billion Saudi economic package would support Egypt's general budget, the central bank, development and other projects and bond purchases.
Egypt's economy contracted by an estimated 7 percent in the January-to-March quarter.
Egyptian Finance Minister Samir Radwan said on Thursday he expected gross domestic product would grow by only 3 to 4 percent in fiscal year 2011/12.
US President Barack Obama in a speech on Thursday pledged to relieve Egypt of up to $1 billion in debt and to guarantee another $1 billion in borrowing to finance infrastructure and job creation.
The European Bank for Reconstruction and Development said on Saturday it would explore how to direct funds to Egypt and other Arab states in the same way it supported Communist after the fall of the Iron Curtain more than two decades ago.
Officials have said lending to Egypt could start at around €100 million to €200 million ($145 million to $290 million). An EBRD spokesman said a team would go there in the next few weeks to identify infrastructure, agriculture and other potential projects.


Clic here to read the story from its source.