UAE transfers US$ 3 billion to Egypt

Central Bank of Egypt (CBE) Governor Hesham Ramez said the United Arab Emirates on Thursday transferred US$3 billion to the CBE.

The UAE had pledged to give that amount of aid to Egypt early in July.

Of that amount, $2 billion is to consolidate Egypt's foreign reserves and $1 billion is a grant to finance the state budget deficit.

With that assistance from the UAE, Egypt's foreign currency reserves have risen to US$17.9, up from $14.9 at the end of June.

Regarding Saudi assistance to Egypt, which amounts to $5 billion, Ramez said he expects it to be transferred to Egypt at the beginning of next week.

Kuwait, too, has pledged an aid package of $4 billion to Egypt, though it has not yet been specified when the transfer will be made.

Edited translation from Al-Masry Al-Youm