UAE transfers $3 bn to Egypt's central bank

The Central Bank of Egypt (CBE) confirmed that the United Arab Emirates on Thursday transferred $3 billion it had pledged earlier in aid to Egypt. "The $3 billion was transferred today," CBE Governor Hisham Ramez told the Anadolu Agency. Some $2 billion was deposited into Egypt's foreign currency reserve, while another $1 billion was given in the form of a non-refundable grant. The transfer increased Egypt's total foreign currency reserve to $17.9 billion. The UAE pledged earlier this month to offer Egypt a grant of $1 billion while making a $2 billion interest-free deposit with the CBE. Kuwait has also offered Egypt urgent aid to the value of $4 billion, including a $1 billion grant, a $2 billion deposit with the CBE and an additional $1 billion worth of oil. Saudi Finance Minister Ibrahim al-Assaf, too, has announced a $5 billion aid package to Egypt, including a $1 billion grant, $2 billion in CBE deposits and $2 billion worth of petrol products and natural gas. The aid packages came shortly after the army ousted elected President Mohamed Morsi, suspended the constitution and installed Adly Mansour, the head of the constitutional court, as interim president. Egypt’s relations with oil-rich Gulf countries had been strained during Morsi's one year in office. AA