São Paulo – Saudi Arabia and the United Arab Emirates are loaning US$ 5 billion to Egypt, according to information released this Monday (13th) by Al Ahram Online. The money will be transferred in two instalments to the Central Bank of Egypt this month. Al Ahram quotes an anonymous source as saying US$ 2 billion will be supplied by Saudi Arabia and US$ 3 billion by the United Arab Emirates.
The bulk of the money will be deposited this month because Egypt has repaid US$ 500 million in loans it had obtained from Qatar, and should repay another US$ 2.5 billion by late November. Egypt is repaying a total of US$ 7.5 billion to Qatar after a worsening of relations between the two countries, since the former president Mohamed Morsi’s ousting in July last year .
Egypt is obtaining loans and support from other countries. According to Al Ahram, Kuwait, Saudi Arabia and the Emirates have loaned over US$ 20 billion to Egypt since 2013 in donations, loans and fuel. The new loan will be paid within three to five years.
*Translated by Gabriel Pomerancblum
