UAE, Saudi Arabia offer $8bn aid to Egypt

 

Saudi Arabia and the United Arab Emirates have pledged a total of $8bn to Egypt to help prop up its ailing economy. 

The announcement for the grant and loan was made Tuesday when Egypt's interim president Adli Mansour met Sheikh Hazza bin Zayed Al Nahyan, UAE's national security advisor.

 

United Arab Emirates (UAE) has offered $1 billion grant and $ 2 billion no-interest loan to Egypt. Saudi Arabia has promised to send $5bn central bank deposits and oil products.

The move is seen as the shake-up in regional political power after last week’s military coup in Cairo. The funds would help prop up Egypt's ailing economy.

The promise of aid came as the interim authorities in Cairo sought to project a return to stability with the appointment of a prime minister Hazem al-Biblawi.

Egypt also issued a fast track plan that would return Egypt to civilian rule within months.