Egypt received $7bn of total $12bn Gulf aid
September 30, 2013 - 12:00:00 am
ABU DHABI: Egypt has received $7 billion out of the $12 billion pledged by Gulf countries, its central bank governor said on Sunday, adding he expected further support from the United Arab Emirates, Saudi Arabia and Kuwait.
Of the $7 billion currently received, $3 billion was from the UAE, with a further $2 billion each from Saudi Arabia and Kuwait, Hisham Ramez told reporters on the sidelines of a meeting of Arab central bankers in Abu Dhabi.
Egypt returned $2 billion of financial support from Qatar earlier this month after talks to convert the funds into three-year bonds broke down, a move interpreted as a sign of growing tensions between the two countries in the wake of the removal of Mohamed Mursi from the presidency in July.
"The decision was not politically driven. It was a technical decision by the central bank," Ramez added. (Reuters)