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Thu 1 Mar 2012 04:43 PM

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KSA pledges to honour Egypt’s US$3.7bn aid package

Foreign Minister Prince Saud Faisal says KSA has already sent US$500m to Egypt

KSA pledges to honour Egypt’s US$3.7bn aid package
“The kingdom has already committed to supporting the brotherly Arab Republic of Egypt". (AFP/Getty Images)

Saudi Arabia has said it will honour its US$3.7bn pledge to aid the Egyptian economy following complaints by the Egyptian premier that several countries have failed to respect their commitments.

The oil-rich kingdom transferred US$500m in May but Egypt has delayed talks over a $1.45bn aid package offered by the Saudi Development Fund, the Saudi Press Agency said, citing Foreign Minister Prince Saud Faisal.

“The kingdom has already committed to supporting the brotherly Arab Republic of Egypt and standing by it to meet the challenges facing the Egyptian economy through a package of aid amounting to $3.7bn,” the state news agency said.

The statement follows days after Egypt's military-backed Prime Minister Kamal el-Ganzouri said aid pledged by Arab states had stalled following a dispute with the US over Cairo’s crackdown on non-profit groups.

El-Ganzouri said he met with Arab ambassadors “who promised that Egypt will receive a lot of money, “but two months later "none of these promises have come through.”

He hinted also that the US and Arab allies are withholding aid money because Egypt has adopted more independent policies since the uprising that ousted President Hosni Mubarak last year.

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