Egypt wins $ 8 bn Saudi and UAE aid, names PM

Reuters / AP

Published — Tuesday 9 July 2013

Last update 17 July 2013 10:16 am

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Egypt named an interim prime minister yesterday and Gulf states including Saudi Arabia poured in $ 8 billion in aid, as the biggest Arab nation sought ways out of a crisis after the army ousted the president last week. Interim head of state Adly Mansour announced a faster-than-expected timetable to hold elections in about six months. 
Hazem el-Beblawi, a liberal economist and former finance minister, was named interim prime minister. 
Former UN diplomat Mohamed ElBaradei was named deputy president for foreign affairs.
News quickly followed of $ 8 billion in grants, loans and fuel from Saudi Arabia and the UAE.
Saudi Arabia approved $ 5 billion in aid to Egypt and the UAE has offered $ 3 billion in desperately needed support for the economy .
The Saudi funds comprise a $ 2 billion central bank deposit, $ 2 billion in energy products, and $ 1 billion in cash, Finance Minister Ibrahim Al-Assaf said.
The UAE will make a $ 1 billion grant to Egypt and a $ 2 billion loan, state news agency WAM said. 
The $ 2 billion loan would take the form of an interest-free deposit with Egypt's central bank, WAM said.
"The UAE stands by Egypt and its people at this stage and trusts the choices of its people," WAM quoted National Security Adviser Sheikh Hazza bin Zayed as saying.
Sheikh Hazza and UAE Foreign Minister Sheikh Abdullah bin Zayed flew to Cairo in a demonstration of support.

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