Egypt Seeks EGP14B From Arab Countries To Help Bridge Deficit -Fin Min

ABU DHABI (Zawya Dow Jones)--Egypt is seeking 14 billion Egyptian pounds ($2.34 billion) in financial aid from Arab countries to help cover its budget deficit, but the country can last about a year without other external aid, its finance minister said Monday.

"With the help of Arab countries we can make it for about a year," Samir Radwan said on a visit to Abu Dhabi, the capital of the United Arab Emirates.

Egypt is looking to cover a budget deficit of EGP134 billion, or 8.6% of gross domestic product, mostly from "the local market," Radwan said.

"The local market will cover EGP120 billion," he said, adding that Egypt needs to raise an additional EGP14 billion in aid from Arab countries to cover the rest.

Saudi Arabia has committed $500 million, while Qatar is considering the same amount, Radwan said. Egypt hopes to secure an aid commitment from the U.A.E. as well, he added.