$1.4b of Saudi Oil Aid for Egypt

$1.4b of Saudi Oil Aid for Egypt $1.4b of Saudi Oil Aid for Egypt

The Egyptian government has reached a new agreement with Saudi Arabia on receiving petroleum derivatives for three months. According to the agreement, Saudi Arabia will send $1.4 billion in aid to Egypt in petroleum derivatives throughout September, October and November, reports Egypt-based Arab Finance. Ashraf al-Arabi, Egypt’s planning minister, said earlier Egypt is still in need of the support of its Persian Gulf allies. According to sources, it is yet to be determined whether the form of aid will be payment facilities or a non-refundable grant. The planning minister also said Egypt received aid worth $26 billion from the Persian Gulf states since the June 30 revolution, in addition to $12.5 billion pledged by the Persian Gulf countries, in the form of deposits and investment projects, during a conference in Sharm El Sheikh.