Saudi King orders 5 billion USD aid to Egypt

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Saudi King Abdullah bin Abdulaziz Al Saud. Photo courtesy of Arabianbusiness.com
Saudi King Abdullah bin Abdulaziz Al Saud. Photo courtesy of Arabianbusiness.com

RIYADH, 10July2013 (PNA/Xinhua) – Saudi King Abdullah bin Abdulaziz Al Saud on Tuesday ordered financial assistance worth five billion U.S. dollars to Egypt, according to Al Arabiya News Channel.

The aid includes two billion dollars in the form of oil and gas products, two billion dollars as deposit in the Egyptian central bank, and one billion as a grant.

Egypt has been suffering from high cost of subsidies of oil and energy products since the beginning of the 2011 unrest, as its government spends annually 20 percent of the GDP on fuel subsidy.

Earlier in the day, the United Arab Emirates also offered a three-billion-dollar aid package to Egypt.

Egypt is undergoing a new period of instability after the Islamist-oriented President Mohamed Morsi was ousted last week. (PNA/Xinhua)

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