Egypt to get up to $4 billion of Saudi aid

30 January 2014 10:46
(QHA) -

Saudi Arabia is expected to give Egypt up to $4 billion in additional aid in the form of central bank deposits and petroleum products, state-run Egyptian newspaper Al Ahram reported on Thursday, according to Reuters.

Gulf Arab states have showered Egypt with billions of dollars since the army toppled President Mohamed Mursi of the Muslim Brotherhood in July.

The funds have kept the economy afloat during political turmoil which has hit investment and tourism hard.

Egypt will announce within days details of a second stimulus package since Mursi was ousted, its finance minister said on Tuesday, aiming to boost tepid growth rates and reassure investors.

The economy grew by just 1.04 percent in the three months through last September from a year earlier, according to central bank data.