Egyptian central bank manager, Hisham Ramez announced this morning his country received $6 billion in aid from three gulf countries which are Saudi Arabia, Kuwait and the United Arab Emirates.
“The sum successfully entered the foreign fund balance account of the Egyptian central bank,” said Ramez.
The three Gulf countries along with Sultanate of Oman promised Egypt $12.5 billion last March during Sharm Al Sheikh, located in south of Cairo,, summit in Egypt.
Sharm Al Sheikh summit was held last March and discussed a multitude of economic and political crises, including the start of the Saudi-led military air strikes on Yemen, the operation “Decisive Storm” that ended a few days go.
The Gulf aid to Egypt will be in the form of investments all over Egypt as well as in monetary form put in the central bank.
Ramez said Egypt will repay the loans in a period that ranges from three to five years, with 2.5 percent interest only.
The aid is targeted to help rebuild Egypt’s economy that’s crippled by loans. Their goal is help the economic growth and push it over 6 percent over the next two years.
The $6 billion dollars -2 billion from each country- come less than a month after the US military aid continued on March 29.
The American military aid to Egypt has been on hold since what the Muslim Brotherhood calls a military coup that overthrew Egypt’s first elected civilian president Mohamed Morsi.