×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: saudia | arabia | uae | egypt

Saudi Arabia Promises $5 Billion to Egypt

Tuesday, 09 July 2013 02:22 PM EDT

Saudi Arabia's finance minister says the kingdom has pledged $5 billion in grants and loans to Egypt's new government, a second major promise of aid from the Gulf to the cash-strapped country after the ouster of President Mohammed Morsi.

Saudi Arabia is a leading critic of Morsi's Muslim Brotherhood, as is the United Arab Emirates which earlier Tuesday announced a $3 billion package to Egypt.

The aid is the clearest sign yet of shifting policies among the wealthy Gulf nations. Qatar had been a main backer of the Brotherhood, giving Morsi's government several billion dollars.

Saudi Finance Minister Ibrahim al-Assaf says the package includes $2 billion to be deposited in Egypt's Central Bank and $2 billion worth of oil and gas.

The aid package announced Tuesday by the UAE is the clearest sign yet of shifting policies among the wealthy Gulf nations. Qatar had been a main backer of the Brotherhood, and the ouster of Morsi raises questions about the status of its promised aid and investments.

The official news agency WAM said the UAE offered a $1 billion grant and a $2 billion no-interest loan.

The UAE alleges Islamist groups backed by the Muslim Brotherhood have sought to topple its Western-backed ruling system.

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


MiddleEast
Saudi Arabia's finance minister says the kingdom has pledged $5 billion in grants and loans to Egypt's new government, a second major promise of aid from the Gulf to the cash-strapped country after the ouster of President Mohammed Morsi.
saudia,arabia,uae,egypt
204
2013-22-09
Tuesday, 09 July 2013 02:22 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
 
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved