Saudi Arabia grants Egypt 4-billion-dollar aid

By artappraiser on Sat, 05/21/2011 - 9:20pm |

Xinhua, May 21

CAIRO -- Saudi Arabia has pledged to provide Egypt with four billion U.S. dollars to support its economic recovery, the ruling Supermen Council of Armed Forces said on Saturday.

Chief of the military council Hussein Tantawi expressed Egypt's appreciation for Saudi Arabia's support, saying the four-billion- dollar aid will be in the forms of soft loans and credit lines, the official news agency MENA reported. "This step will deepen the historical relations and cooperation between the two countries," Tantawi said.

Prime Minister Essam Sharaf on Friday welcomed the decision by U.S. President Barack Obama to relieve up to one-billion-dollar debt and guarantee another one-billion-dollar loan for Egypt....

URL:

http://news.xinhuanet.com/english2010/world/2011-05/22/c_13887318.htm