Saudi Arabia agreed to an aid package to support the Egyptian Central Bank and allow Egypt to buy fuel after a diplomatic spat between the countries, officials said Thursday.
Saudi Arabia
agreed to an aid package to support the Egyptian Central Bank and allow
Egypt
to
buy fuel after a diplomatic spat between the countries, officials said
Thursday.
The Saudi embassy in
Cairo
said
the kingdom signed an agreement to "deposit $1 billion in the Egyptian
Central Bank."
Egypt
's
minister for international cooperation, Fayza Abul Naga, added that her
government was coordinating with
Saudi
Arabia
to receive another $500
million for development projects and $250 million to buy "petroleum
products."
King Abdullah ordered the reopening of the Saudi mission in
Cairo
last
week after the ambassador was recalled and the embassy shut in the wake of
angry protests there. The decision was announced after the monarch received a
top-ranking Egyptian delegation seeking to defuse tension between
Cairo
and
Riyadh
,
which urged him to reopen the embassy.
Egypt
's
economy nosedived after a popular uprising ousted president Hosni Mubarak in
February 2011, setting off an uncertain military-led transitional period
scheduled to conclude by the end of June with presidential elections.
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