Saudi Aid Package for Egypt being FinalizedSource: Ahram Online 5/22/2012, Location: Africa |
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Saudi Arabia's Finance Minister Ibrahim Al-Assaf said in a speech that the OPEC country was in the process of finalising its $2.7-billion aid package for Egypt. The funds are aimed at helping Cairo secure a $3.2-billion IMF loan following the uprising that swept Hosni Mubarak from power in February 2011.
After the transfer of $1 billion to Egypt's central bank earlier this month, the Saudi package also includes $500 million of support for development projects, $250 million to finance purchases of petroleum products and $200 million for small- and mid-sized firms. |
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