Saudi Arabia grants Egypt USD2b aid

(MENAFN) As part of a USD12 billion Gulf aid to Egypt, Saudi Arabia has sent USD2 billion, to help the cash-strapped economy, after the removal of Islamist President Mohamed Mursi, Reuters reported. Central bank governor Hisham Ramez said the USD2 billion of Saudi funds arrived in the form of a five-year interest-free deposit at the bank. The bank recently got USD3 billion aid from the UAE, USD2 billion of which was a cash deposit and USD1 billion an outright grant. Saudi Arabia has promised another USD2 billion in energy products and USD1 billion in cash, while Kuwait has promised USD4 billion.