Egypt Receives Qatar, Saudi Assistance

Cairo, January 20 (QNA) -The Egyptian Minister of Planning and International Cooperation Ashraf Al-Arabi said on Sunday his country had already received $5bn from Qatar and $4bn from Saudi Arabia as part of Arab aid to post-revolution Egypt, reported the Kuwaiti news agency KUNA. Qatar's contribution included $1bn grant and $4bn in deposits, while Saudi Arabia's assistance involved $500 mn in grant and the remaining in dollar bonds, the minister was quoted as saying by Egypt's official news agency, MENA. Furthermore, Turkey has provided $500 mn to support Egypt's public budget whereas the World Bank will send $200 mn to Egypt's Social Development Fund later this month, the minister added. Egypt and the US had also held negotiations on $450 mn in aid to Egypt, to be included in a mutual debt swap program. He also pointed to debt swap programs with Switzerland, Germany and Italy. (QNA)