Egypt Receives $7 bln of Total $12 bln Gulf Aid – C.Bank Governor

Egypt has received $7 billion out of the $12 billion pledged by Gulf countries, its central bank governor said on Sunday, adding he expected further support from the United Arab Emirates, Saudi Arabia and Kuwait.

Of the $7 billion currently received, $3 billion was from the UAE, with a further $2 billion each from Saudi Arabia and Kuwait, Hisham Ramez told reporters on the sidelines of a meeting of Arab central bankers in Abu Dhabi.

Egypt returned $2 billion of financial support from Qatar earlier this month after talks to convert the funds into three-year bonds broke down, a move interpreted as a sign of growing tensions between the two countries in the wake of the removal of Mohamed Morsi from the presidency in July.

“The decision was not politically driven. It was a technical decision by the central bank,” Ramez added.