ABU DHABI, Sept 29 Egypt has received $7 billion
out of the $12 billion in aid pledged by Gulf countries, its
central bank governor said on Sunday, adding that he expected
further support from the United Arab Emirates, Saudi Arabia and
Gulf Arab oil producers showered Egypt with aid pledges
after the overthrow of President Mohamed Mursi in July. Egypt
has struggled to pay for imports since the 2011 uprising that
ousted Hosni Mubarak drove away tourists and foreign investors,
two of its main sources of foreign currency.
Of the $7 billion now received, $3 billion was from the UAE,
with a further $2 billion each from Saudi Arabia and Kuwait,
Hisham Ramez told reporters on the sidelines of a meeting of
Arab central bankers in Abu Dhabi.
Egypt returned $2 billion of financial support from Qatar
earlier this month after talks to convert the funds into
three-year bonds broke down, a move interpreted as a sign of
growing tensions between the two countries.
Unlike the other Gulf states, whose hereditary rulers saw
the success of Mursi's Muslim Brotherhood as a dangerous
precedent that could embolden Islamists at home, Qatar had close
ties with Mursi and lent or gave Egypt $7.5 billion during the
year he was in power.
But Ramez said on Sunday that the repayment had nothing to
do with politics.
"The decision was not politically driven. It was a technical
decision by the central bank," Ramez said, adding that his
central bank disagreed with Qatar's proposed timing for the
"We don't need a back-up plan," he said when asked if there
was an alternative plan to replace the $2 billion.
Ramez said he expected that oil-rich Gulf nations would
provide more aid and, more importantly, that Egypt's economy and
financial markets would stabilise.
"Yes, I see more support from them," he said, referring to
the UAE, Saudi Arabia and Kuwait. But he added, "We can't keep
depending on this (aid)."
"Confidence is slowly coming back to the market. Credit
growth is at 9 percent," Ramez said without clarifying to which
period the figure referred.