Saudi Arabia approves $430 million in aid to Egypt

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Saudi Arabia approves $430 million in aid to Egypt

2012-06-09

Ahmed Kattan, Saudi Arabia's ambassador to Egypt, said in a press statement Friday (June 8th) that his country has approved a $430 million aid package to fund projects in Egypt.

Saudi Arabia will also allow Cairo to take advantage of a $750 million line of credit to purchase petroleum products.

The assistance, provided by the Saudi Development Fund, is part of the economic support package Riyadh promised Cairo last year to support the country's cash-strapped economy.