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Gulf countries supported Egypt with $92bn since 2011

Central Bank of Egypt [File photo]

Cairo(ANN)- Gulf countries have supported Egypt with nearly $92 billion since the revolution that overthrew the regime of President Hosni Mubarak in 2011.

Sources in the Central Bank of Egypt told the New Khaleej news site that the Gulf countries’ support for Egypt included aid, grants, loans and deposits in the Central Bank on which interest is payable.

Egypt has also received oil and in-kind assistance, especially during the first two years following the military coup of 3 July 2013.

The top Gulf donors were Saudi Arabia and the United Arab Emirates, followed by Kuwait, Oman, Bahrain, and Qatar.

Saudi Arabia gave Egypt five deposits worth $8 billion while Saudi Aramco supplies Cairo with 700,000 tonnes of petroleum products each month through a Saudi loan of $23.5 billion for five years.

During the rule of coup leader President Abdel Fattah Al-Sisi, Egypt has received deposits from the UAE worth $6 billion, due to be repaid in installments until the end of 2023. The UAE has also supported the Egyptian economy with an $8.6 billion loan to finance the purchase of petroleum products.

Meanwhile, Kuwait has deposited $4 billion into the Egyptian Central Bank to boost the country’s reserves.

Last year, the governor of the Central Bank of Egypt, Tariq Amer announced that Saudi Arabia, the UAE and Kuwait have agreed to postpone the repayment of deposits scheduled for the fiscal year 2018/ 2019.

admin: #Arraale Mohamoud Jama is a freelance and investigative journalist, writer and human rights activist with more than 20 years of experience. He writes about a range of topics related to social issues such as human rights, politics and security. Other topics in which Mr. Arraale is interested include democracy and good governance. Mr. Arraale has written extensively on regional and international events, and has worked with Somaliland newspapers and Human rights organizations. In 2008, he established #Araweelo #News #website# Network, which he currently manages. For further information, please contact: Info@araweelonews.com or jaamac132@gmail.com Send an SMS or MMS to + 252 63 442 5380 whatsapp.com/ + 252 63 442 5380 /https://twitter.com/Araweelonews/https://www.facebook.com/Araweelonews/
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