Saudi Arabia and Egypt sign MoU for aid package to Egypt
May 10, 2012
In a statement issued today, Saudi Ambassador to Egypt Ahmad Kattan announced that Saudi Arabia and Egypt have signed a number of agreements regarding financial aid. Two memoranda of understanding were signed, one providing $500 million in Saudi aid to different sectors of the Egyptian economy, and the other depositing $1 billion into the country’s central bank. Furthermore, a request to export $250 million worth of butane gas from the Kingdom to Egypt has been accepted. The Saudi Ambassador also highlighted the $200 million fund that has already enabled the completion of small and medium projects. “This assistance came within the framework of the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz Al-Saud’s eagerness to support Egypt and its stability,” Ambassador Kattan stated.