Egypt received $7bn of Gulf aid, says central bank

Egypt receives $7 billion out of the $12 billion pledged by Gulf countries (File photo: AFP)

Egypt has received $7 billion out of the $12 billion pledged by Gulf countries, its central bank governor said on Sunday, adding he expected further support from the United Arab Emirates, Saudi Arabia and Kuwait.

Of the $7 billion currently 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 in the wake of the removal of Mohamed Mursi from the presidency in July.

“The decision was not politically driven. It was a technical decision by the central bank,” Ramez added.
 

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Last Update: Wednesday, 20 May 2020 KSA 09:41 - GMT 06:41
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