Ambassador: Saudi Arabia will not end economic support for Egypt

Saudi Arabia will not halt its economic support of Egypt, Saudi Ambassador to Cairo Ahmed Qattan said Tuesday.

The kingdom coordinated with the Egyptian government to pledge economic aid, Qattan said in a statement.

Earlier press reports said Egypt only received US$500 million of the aid Saudi Arabia had pledged, representing a step back from previous commitments of economic support.

But Qattan stressed that the aid program will continue. He said $500 million has been deposited in the Central Bank of Egypt to support Egypt's general budget. He said the Saudi treasury minister sent a message last week to Egyptian Deputy Prime Minister Ali al-Selmy involving the steps to be taken so that the Saudi aid program can resume.

The Saudi Development Fund's vice chairman signed a memorandum of understanding with the Egyptian government in late June regarding aid to Egypt, Qattan said.

The grants include $200 million for small and medium enterprises, $750 million for financing Saudi petroleum exports to Egypt, and $500 million in soft loans for high-priority development projects.

Translated from the Arabic Edition

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