Egypt Obtains US$4.06 bln Petroleum Aids within 7 Months: Official

The total value of the petroleum aids which obtained by Egypt registered around EGP4 billion and US$60 million from 3 Gulf countries including Saudi Arabia, UAE and Kuwait.

Senior Sources said the major side of aids obtained by the country after June30 uprising came from Saudi Arabia, UAE with US$1.9 billion and US$1.5 UAE but the Kuwaiti aids closed at US$660 million.

The sources have informed Amwal Al Ghad that Saudi Arabia and UAE are continuing to provide the petroleum support to Egypt, pointing out that Dr.Hazim Al-Beblawi’s visit to Saudi will be followed by more petroleum aids within the coming period, and UAE side will continue to provide the necessary aids for Egypt and this will contribute in reducing the need to the country’s foreign currency cash reserves of foreign currencies which reached US$17.1 billion at the end of last January.

The three countries provided financial aids to Egypt after June30 uprising and the aids are actually entered the Central Bank of Egypt and various between grants, deposits.

According to the aids provided by Qatar for the country, noteworthy that the “Cairo” responded to the Doha US$3 billion over the past year, including US$2 billion and short-term deposit, it is not agreed to shift it to bonds, along with paying US$1 billion to bonds and it is expected to pay US$2.5 to Doha by the end of the current year whereas the country obtained US$1 billion grant among the aids which provided by Egypt.

At the level of the Turkish aids, Cairo received 5-year US$1 billion deposit of the CBE from one year ago.