UAE agrees to give Egypt $3 billion in loans and grant

July 9, 2013 15:20

CAIRO- The United Arab Emirates has agreed to grant Egypt $1 billion and lend it another $2 billion, an Egyptian source close to the talks said on Tuesday.

The source said the amount was expected to be part of a larger financial package from the UAE. The loan would be in the form of a deposit at Egypt's central bank, although the interest rate and maturity had yet to be finalised.He also said that Saudi Arabia was expected to lend Egypt $2 billion, which he expected to be confirmed within two days.

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