Saudi Arabia Promises $4B Aid for Egypt

Saudi Arabia pledged Saturday (May 21) that it is ready to provide long-term loans and grants worth $4 billion to Egypt.

The announcement came through a statement issued by Egyptian Field Marshal Hussein Tantawi. Citing a report by the official MENA news agency, AFP says the de facto Egyptian ruler thanked the government of Saudi Arabia for “supporting Egypt’s economy with approximately four billion dollars.”

Earlier in the week, U.S. President Barack Obama pledged $2 billion in economic assistance to Egypt and another $2 billion to support private investment in the Middle East and North Africa.

>> Obama Outlines US Economic Support Plan for Egypt, Other MENA Countries

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About the author

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    Eliza Villarino

    Eliza Villarino currently manages one of today’s leading publications on humanitarian aid, global health and international development, the weekly GDB. At Devex, she has helped grow a global newsroom, with talented journalists from major development hubs such as Washington, D.C, London and Brussels. She regularly writes about innovations in global development.