Egypt receives USD 5 bln from Qatar, USD 4 bln from Saudi Ar...| MENAFN.COM

Saturday, 25 June 2022 05:22 GMT

Egypt receives USD 5 bln from Qatar, USD 4 bln from Saudi Arabia


(MENAFN- Kuwait News Agency (KUNA)) Egyptian Minister of Planning and International Cooperation Ashraf Al-Arabi said here Sunday his country had already received USD five billion from Qatar and USD four billion from Saudi Arabia as part of Arab aid to post-revolution Egypt. Qatar's USD five billion include one billion in grant and four billion in deposits, while Saudi Arabia's USD four billion involve USD 500 million in grant and the remaining in dollar bonds, the minister was quoted as saying by Egypt's official news agency, MENA. Furthermore, Turkey has provided USD 500 million to support Egypt's public budget, as the World Bank will send USD 200 million to Egypt's Social Development Fund later this month, the minister added. Egypt and the US had also held negotiations on USD 450 million in aid to Egypt, to be included in a mutual debt swap program. He also pointed to debt swap programs with Switzerland, Germany and Italy. Meanwhile, the minister and Swiss Minister to Egypt Dominique Verger signed a framework agreement for technical and financial cooperation and humanitarian aid.


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