Wed Jul 10, 2013 10:03:04
Saudi Arabia and the UAE have pledged a total of $8 billion to Egypt to help prop up its ailing economy, highlighting the shake-up in regional political power after last week’s military coup in Cairo.
Riyadh has promised to send $5 billion and Abu Dhabi $3 billion in a mix of cash, central bank deposits and oil products, as the new Egyptian administration grapples to halt the slide in the pound and stave off a foreign exchange reserves crisis.
The aid comes after the Egyptian army overthrew President Mohamed Morsi of the Muslim Brotherhood.
Egypt's finances have been devastated by political and economic instability since the popular uprising that pushed former dictator Hosni Mubarak out of the presidency two and a half years ago.
The UAE's $3 billion was expected to be part of a larger financial package from the Persian Gulf emirate, said the source close to the talks.
Both countries have supported the army in ousting Morsi from power.
BA/BA
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