Saudi Arabia and UAE to lend Egypt up to $8 billion
The United Arab Emirates and Saudi Arabia will give Egypt money in the wake of its political and economic crisis. The UAE will provide Cairo with $1 billion and lend it a further $2 billion, while Saudi Arabia will give Egypt a $5 billion aid package.
The UAE loan would be in the form of a $2 billion interest free deposit in Egypt’s central bank, state news agency WAM reported on Tuesday. Abu Dhabi will also to give Egypt $1 billion.
The UAE delegation to Cairo included the Gulf country’s national security adviser, foreign minister and energy minister. The visit was to “show full support to the people of Egypt – political support, economic support,” Egyptian foreign ministry spokesman Badr Abdelatty told Reuters.
The UAE was one of the first countries to congratulate Egypt following the army’s decision to oust the Muslim Brotherhood’s Mohamed Morsi.
“The UAE stands by Egypt and its people at this stage and trusts the choices of its people. Egypt’s security and stability are the basis of Arab security,” WAM quoted UAE National Security Advisor Sheikh Hazza bin Zayad as saying.
The UAE’s foreign minister also stated that the Egyptian army proved that it was a “strong shield” and “protector,” which guarantees that the country embraced all the components of the people.
Saudi Arabia also approved a $5 billion aid package to Egypt Tuesday, comprising of a $2 billion central bank deposit, $2 billion in energy products, and $1 billion in cash, Saudi finance minister Ibrahim Alassaf said. [...]
Multi-billion-dollar aid from Saudi Arabia and the UAE is another sign that these two countries had a hand in the military coup which took place in Egypt, believes RT’s contributing analyst in London, Afshin Rattansi.
“We now realize it is much more a Saudi-backed military coup. And as for this General al-Sisi person, who is a former military attaché in Saudi Arabia, he is Saudi’s man… Saudi Arabia, they’ve taken over the largest country in the Arab world,” Rattansi said.
He also described the current interim leaders of Egypt – President Mansour and Prime Minister Beblawi, as “puppets of Saudi Arabia”, who will be ousted at once if they attempt to criticize Saudi Arabia or the UAE. … Full article