Saudi provides $230m of loans to Egypt

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Egypt's Prime Minister has signed a deal with Saudi Arabia's ambassador to borrow three soft loans worth $230m with a view to supporting the Egyptian economy.

The loans are part of an overall package worth $1.5bn being provided by the Saudi Development Fund to the Egyptian Government for rebuilding efforts following last year's revolution. Overall, Saudi Arabia has provided an aid package in the form of a deposit, $500m in treasury bills and $500m in loans.

The Saudi Press Agency reported that at a news conference held after agreements were signed, Egypt's minister expressed his thanks to Saudi Arabia's King for the country's efforts in supporting his country.

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In total, some $4bn in aid has been offered to Egypt by Saudi Arabia, and an Egyptian-Saudi committee has been set up to follow up on investments.

Saudi Arabia's Ambassador to Egypt, Ahmed bin Abdulaziz Qattan said in a statement that the security and independence of Egypt was important, as is the country's role in the Arab world.