Egypt sees billions in aid from Saudi, UAE soon

Egypt expects to reach a loan agreement with Saudi Arabia and the United Arab Emirates worth several billions of dollars each soon, while another $500 million should come from the Arab Monetary Fund, the country's finance minister said on Wednesday.

"There are talks about a package coming from Arab countries, from Saudi Arabia, from the Emirates. We are under discussion, but both of them have presented proposals of a couple of billion dollars each," Egyptian Finance Minister Hazem el-Beblawi told Reuters on the sidelines of a meeting of Arab finance ministers in the UAE capital.

Asked when he expected a deal to be reached, he said: "Before the end of the year. It should be quite soon."