Saudi gov't reiterate commitment to back Egypt's economy

Saudi Foreign Minister Prince Saud Al-Faisal has confirmed his country's commitment to support the post-revolution reeling the Egyptian economy.

The government of the Kingdom of Saudi Arabia has not given up support to brotherly Egyptian people, he said commenting on Egyptian Prime Minister Kamal Al-Ganzouri's recent statements about foreign and Arab countries that have failed to materialize their aid pledges to Egypt a year after the revolution.

Prince Saud Al-Faisa said that the Kingdom has promised USD 3.75 billion in aid to the Egyptian economy.

He noted that the Saudi government has handed the Egyptian counterpart a USD 500 million grant as an urgent aid last year, adding that the sum was transmitted to the Central Bank of Egypt on May 16, 2011.

The top diplomat disclosed that the government has sent a delegation from the Saudi Fund for Development to Egypt last year to mull the development portion of the aid package, estimated at USD 1.45 billion.

The delegation and the Egyptian Ministry for Planning and International Cooperation hammered out a memo of understanding on the development aid, upon which the Egyptian side would present to the fund a study on the important projects that they believe the aid should be directed to.

However the Egyptian ministry has failed to present the study and its vision due to several reasons related to the development process in Egypt, Minister Al-Faisal said.

Meanwhile, the Saudi Prince said the Kingdom has sent 48,000 metric tons of liquefied gas to Egypt to help meet a sever gas shortage in the past months.

With regard to the rest of the aid package that related to the pledge to purchase some of the Egyptian treasury bonds, the Saudi Finance Minister has addressed the Egyptian Minister of Finance on the ninth of August 2011 and asked to send a technical team from Egypt to Riyadh to sign a deal, Minister Al-Faisal said.

The Saudi Minister of Finance has also reminded the former Egyptian counterpart about the issue recently, the Saudi official concluded.