Gulf countries supported Egypt with $92bn since 2011
March 19, 2019 at 11:32 am | Published in: Africa, Egypt, Kuwait, Middle East, News, Qatar, Saudi Arabia, UAE
Central Bank of Egypt [File photo]
March 19, 2019 at 11:32 am
600
SHARES
3 July 2013.
The top Gulf donors were Saudi Arabia and the United Arab Emirates, followed by Kuwait, Oman, Bahrain, and Qatar.
Saudi Arabia gave Egypt five deposits worth $8 billion while Saudi Aramco supplies Cairo with 700,000 tonnes of petroleum products each month through a Saudi loan of $23.5 billion for five years.
READ: UAE eases Qatar shipping ban amid Gulf blockade
During the rule of coup leader President Abdel Fattah Al-Sisi, Egypt has received deposits from the UAE worth $6 billion, due to be repaid in installments until the end of 2023. The UAE has also supported the Egyptian economy with an $8.6 billion loan to finance the purchase of petroleum products.
Meanwhile, Kuwait has deposited $4 billion into the Egyptian Central Bank to boost the country’s reserves.
Last year, the governor of the Central Bank of Egypt, Tariq Amer announced that Saudi Arabia, the UAE and Kuwait have agreed to postpone the repayment of deposits scheduled for the fiscal year 2018/ 2019.
https://www.middleeastmonitor.com/20190319-gulf-countries-supported-egypt-with-92bn-since-2011/
March 19, 2019 at 11:32 am | Published in: Africa, Egypt, Kuwait, Middle East, News, Qatar, Saudi Arabia, UAE
Central Bank of Egypt [File photo]
March 19, 2019 at 11:32 am
600
SHARES
3 July 2013.
The top Gulf donors were Saudi Arabia and the United Arab Emirates, followed by Kuwait, Oman, Bahrain, and Qatar.
Saudi Arabia gave Egypt five deposits worth $8 billion while Saudi Aramco supplies Cairo with 700,000 tonnes of petroleum products each month through a Saudi loan of $23.5 billion for five years.
READ: UAE eases Qatar shipping ban amid Gulf blockade
During the rule of coup leader President Abdel Fattah Al-Sisi, Egypt has received deposits from the UAE worth $6 billion, due to be repaid in installments until the end of 2023. The UAE has also supported the Egyptian economy with an $8.6 billion loan to finance the purchase of petroleum products.
Meanwhile, Kuwait has deposited $4 billion into the Egyptian Central Bank to boost the country’s reserves.
Last year, the governor of the Central Bank of Egypt, Tariq Amer announced that Saudi Arabia, the UAE and Kuwait have agreed to postpone the repayment of deposits scheduled for the fiscal year 2018/ 2019.
https://www.middleeastmonitor.com/20190319-gulf-countries-supported-egypt-with-92bn-since-2011/