Saudi Arabia Ends “Blank Check” Era for Egypt: Financial Aid Now Tied to Reforms

Saudi Arabia has ended the era of “blank checks” to Egypt, affirming that financial support will no longer be granted without return. The billions that once flowed into Egypt’s central bank are now conditional—Riyadh demands reform in exchange for investment, not loyalty in exchange for aid.

According to an analysis by the Middle East Institute, Saudi Arabia still considers Egypt a strategic ally, but it refuses to finance a failing economy without guarantees. This policy shift echoes the 2023 statement by the Saudi Finance Minister, who declared that the era of unconditional support “is over.”

Cairo got the message—it rushed to sign investment agreements and improve the business climate. Still, analysts say the relationship stands at a crossroads, as Saudi Arabia transitions from generous donor to demanding partner.