Saudi Arabia to give Egypt up to $4 billion more aid: report

CAIRO Thu Jan 30, 2014 2:17am EST

Egypt's Prime Minister Hazem el-Beblawi gestures during a news conference in Abu Dhabi October 27, 2013. REUTERS/Ben Job

Egypt's Prime Minister Hazem el-Beblawi gestures during a news conference in Abu Dhabi October 27, 2013.

Credit: Reuters/Ben Job

CAIRO (Reuters) - Saudi Arabia is expected to give Egypt up to $4 billion in additional aid in the form of central bank deposits and petroleum products, state-run Egyptian newspaper Al Ahram reported on Thursday.

Citing an unnamed ministerial source, the newspaper said the package would be worked out during a visit next week to the kingdom by Egypt's interim prime minister Hazem el-Beblawi.

Gulf Arab states have showered Egypt with billions of dollars since the army toppled President Mohamed Mursi of the Muslim Brotherhood in July.

The funds have kept the economy afloat during political turmoil which has hit investment and tourism hard.

Egypt will announce within days details of a second stimulus package since Mursi was ousted, its finance minister said on Tuesday, aiming to boost tepid growth rates and reassure investors.

The economy grew by just 1.04 percent in the three months through last September from a year earlier, according to central bank data.

(Writing by Michael Georgy; Editing by John Stonestreet)

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Comments (5)
LOVEFROEVER wrote:
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Jan 30, 2014 7:46am EST  --  Report as abuse
LOVEFROEVER wrote:
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Jan 30, 2014 10:50am EST  --  Report as abuse
LOVEFROEVER wrote:
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Jan 30, 2014 11:16am EST  --  Report as abuse
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