Egypt to receive $3 billlion in aid soon

Saudi Arabia will provide Egypt with $3 billion in aid soon, mostly in the form of petroleum products, to help stabilize the country's economy.
Sami Khallaf, adviser to the Egyptian minister of finance, said in a press statement on Wednesday that Egypt has already received $2 billion from the Kingdom. The total aid package is worth $5 billion.
He said the $2 billion non-refundable grant was given before the recent visit of Egyptian Prime Minister Hazem Al-Beblawi to the Kingdom earlier this month.
Egyptian diplomatic sources said that talks are taking place to increase the aid package after the presidential and parliamentary elections this year.
Saudi aid has alleviated financial pressure on the Egyptian economy, which was severely affected by unrest following the Jan. 25, 2011 revolution and the overthrow of the government last summer.
Saudi Arabia and other Gulf countries have provided aid to boost Egypt's growth and restore investor confidence.
The Egyptian-Saudi Business Association announced recently that it hoped to ensure 200 Saudi companies invest in Egypt this year.