Egypt in Talks with Saudi Arabia over $4 bln Aid

The Egyptian government is about to conclude talks with Saudi Arabia over receiving a new financing package worth $4 billion to help boost the local economy, an official source said.

Preparations are underway for a visit by Egypt’s interim prime minister Hazem El Beblawi to the Kingdom before the end of this month, the source stated, adding that the Egyptian delegation that will include the foreign minister as well as ministers of international cooperation, investment, planning and petroleum.

The source further said the new financing package will go for covering an arms deal with Russia but will be provided as financial aid. In addition, the package will finance the purchase of oil products worth around $1 billion to fulfill the country’s requirements during winter.

Following the June 30 uprising, Saudi Arabia had offered Egypt $ 5billion in aid, including $2 billion as deposit, $1 billion grant and $2 billion for petroleum and subsidized food.

According to the source, talks will deal with means of supporting Egypt at the political level, especially as the Saudi foreign minister has played a key role in clarifying the facts about Egypt. The Kingdom also showed support for Egypt in talks with global economic institutions like the International Monetary Fund.