Saudi Arabia transfers $2bn to Egypt

Saudi Arabia has transferred two billion U.S. dollars to the Central Bank of Egypt as a deposit for five years without interest, state-run Ahram Online reported on Sunday. On July 9, Saudi King Abdullah bin Abdulaziz Al Saud ordered financial assistance worth of five billion dollars to Egypt, which included two billion dollars in the form of oil and gas products, two billion dollars as a deposit in the Central Bank of Egypt and one billion as a grant. Also, the United Arab Emirates offered a three billion U.S. dollars aid package to Egypt, including a financial grant of one billion dollars and an interest-free loan of two billion dollars in the form of a deposit in the Central Bank of Egypt.