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Arab Aid to Egypt Raises Reserves to $20 Billion

Egypt’s net international reserves rose to reach more than $20 billion due to the oil-rich Gulf States’ recently sent aids, Al-Ahram reported, citing the Central Bank of Egypt’s governor Hisham Ramez.

Egypt’s net international reserves dropped in June to $14.9 billion, CBE announced.

Foreign reserves had risen in April for the first time since October 2012 after hitting a record low of $13.4 billion, and they continued their upturn in May during which $16.04 billion was recorded due to injections of foreign aid from Turkey, Qatar and Libya.

Ramez told Al-Ahram that Saudi Arabia would transfer $2 billion to Egypt’s central bank in the coming few days as a free-interest deposit.

The date to receive the Kuwaiti aid is yet to be set, he added.

Earlier on Thursday, Reuters reported that the Central Bank of Egypt received $3 billion in aid from the United Arab Emirates (UAE), which was pledged after the ousting of President Mohamed Morsi.

The UAE said last week that it would provide Egypt with $1 billion as a grant and a $2 billion interest-free loan. Saudi Arabia pledged $5 billion and Kuwait $4 billion.

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