Egypt secures financial aid from Saudi Arabia
SAUDI Arabia signed yesterday a series of deals with Cairo aimed at helping stabilising Egypt’s struggling economy days after the worst diplomatic tiff between the two was healed.
A statement from the Saudi ambassador to Egypt yesterday said the kingdom has agreed to provide US$500 million in aid to Egypt and will deposit an additional US$1 billion at the country’s central bank.
Egypt’s Minister of International Cooperation, Fayza Aboul-Naga said the deposit is for eight years and is part of Riyadh’s previous commitment to Egypt.
Ambassador Ahmad Abdul-Aziz Kattan also said Saudi will meet Cairo’s request to export US$250-million worth of butane gas to Egypt, which has faced ongoing shortages of the cooking fuel.
Saudi Arabia and Egypt have just patched up one of the worst rifts in years of strategic relations. Riyadh decided late last month to shut down its diplomatic missions and recall its ambassador over rowdy protests by Egyptians who objected to the kingdom’s treatment of an Egyptian human rights lawyer arrested in Saudi.
The break was brief, and a week later the ambassador returned and missions reopened after a parliamentary-led Egyptian delegation visited the kingdom to address Saudi’s grievances.
The Egyptian lawyer, Ahmed el-Gezawi remains in custody in Saudi Arabia and is under investigation for allegedly smuggling illegal drugs into the kingdom. Egyptian protesters claim el-Gezawi was actually detained for his criticism of the Saudi’s treatment of millions of Egyptians working the oil-rich monarchy.
Cairo went to great length to ease the tensions, offering better security at Saudi diplomatic missions and sending the Egyptian delegation at the suggestion of the country’s military rulers.