Egyptian cabinet approves $2.5 billion grant from Saudi Arabia - statement

Thursday 26-05-2016 06:55 PM

Egyptian President Abdel Fattah al-Sisi welcomes Saudi King Salman upon his arrival at the Cairo International Airport, Apr. 7, 2016. Photo provided by the Egyptian presidency.

By Reuters

CAIRO (Reuters) - Egypt's government approved on Thursday a $2.5 billion grant from Saudi Arabia that was agreed upon in April, the cabinet said in a statement.

"The cabinet approved a grant agreement between the governments of Egypt and Saudi Arabia in which Saudi Arabia will provide Egypt a sum of $2.5 billion to support the Egyptian economic programme," the statement said.

The grant was first agreed in April.

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