World Economy

Egypt Seeks $5b More in Aid

Egypt Seeks $5b More in Aid Egypt Seeks $5b More in Aid

The Egyptian government has opened channels of communication with a number of Arab countries and international institutions to provide up to $5 billion in financial aid over three years, in addition to the $12 billion loan expected from the International Monetary Fund, Albawaba reported.  The government has already contacted a number of Arab states in search of the first batch of the total $5 billion, government sources said. According to the same sources, Egypt has requested $1 billion from the UAE in the form of a deposit at the Central Bank of Egypt as part of $2 billion financial aid promised by Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed during his visit to Cairo a few months ago. The UAE deposit is expected in no earlier than a year from now, the sources pointed out. The government also requested $1 billion out of $3 billion from the World Bank to support the state general budget, in accordance with a loan agreement signed between the bank and the Minister of International Cooperation Sahar Nasr in December 2015.