Egypt Braces for $9.1 Billion in Aid from Gulf – Government Source

Egypt is set to receive over the coming weeks a new financial package worth US$ 9.1 billion from the GCC states, a senior government source told Al-Ahram newspaper on Monday.

The North African country will receive nearly US$ 2.9 billion from the UAE, as part of the US$ 4.9 billion worth of agreement inked by the two countries, the source explained.

The UAE has already sent to Egypt US$ 1 billion in July 2013 as a grant in addition to another US$ 1 billion to secure gas supply for the Egyptian side.

Moreover, the source said Dr. Sultan Ahmed Al Jaber – the minister of state in the United Arab Emirates – will visit Cairo within days to review the projects which are set to benefit from the UAE financial assistance.

In the same vein, Hussain Jassim Al Nowais – Chairman of UAE Khalifa Fund – also awaits a list of Egyptian small and medium enterprises so as to get financed through UAE additional funding worth US$ 200 million.