SAUDI ARABIA AND UAE AID TO EGYPT

JULY 10, 2013 BY SAGARMEDIA

United Arab Emirates and Saudi Arabia to give Egypt monetary aid in its political and economic crisis. The UAE will provide Cairo with $1 billion and lend it a further $2 billion, while Saudi Arabia will give Egypt a $5 billion aid package.

UAE loan be in the form of a $2 billion interest free deposit in Egypt’s central bank, state news agency WAM reported on Tuesday. Abu Dhabi  to give Egypt $1 billion.

UAE delegation to Cairo included the Gulf country’s national security adviser, foreign minister and energy minister. The visit was to “show full support to the people of Egypt – political support, economic support,” Egyptian foreign ministry spokesman Badr Abdelatty told media.

The UAE was one of the first countries to congratulate Egypt following the army’s decision to oust the Muslim Brotherhood’s Mohamed Morsi.

“The UAE stands by Egypt and its people at this stage and trusts the choices of its people. Egypt’s security and stability are the basis of Arab security,” WAM quoted UAE National Security Advisor Sheikh Hazza bin Zayad as saying.

UAE’s foreign minister also stated that the Egyptian army proved that it was a “strong shield” and“protector,” which guarantees that the country embraced all the components of the people.

Saudi Arabia also approved a $5 billion aid package to Egypt Tuesday, comprising of a $2 billion central bank deposit, $2 billion in energy products, and $1 billion in cash, Saudi finance minister Ibrahim Alassaf said.Media agencies