Saudi Aid Package for Egypt to be finalized

Saudi Arabia’s Finance Minister Ibrahim Alassaf said in a speech on Tuesday that the OPEC country was in the process of finalizing its $2.7- billion aid package for Egypt.

The funds are aimed at helping Cairo secure a $3.2-billion IMF loan following the uprising that swept Hosni Mubarak from power in February 2011.

After the transfer of $1 billion to Egypt’s central bank earlier this month, the Saudi package also includes $500 million of support for development projects, $250 million to finance purchases of petroleum products and $200 million for small- and mid-sized firms, according to Reuters.