Saudi Arabia to give Egypt $5B, UAE to give $3B

Jul 09, 2013, 1:02 PM EDT
Egypt's interim President Adli Mansour (R) meets with UAE's National Security Adviser Sheikh Hazza bin Zayed Al Nahyan at El-Thadiya presidential palace in Cairo July 9, 2013 in this picture provided by the Egyptian Presidency.

Saudi Arabia approved a $5 billion aid package to Egypt comprising a $2 billion central bank deposit, $2 billion in energy products, and $1 billion in cash, the Saudi Finance Minister Ibrahim Alassaf told Reuters. Meanwhile, the UAE offered $1 billion and a further $2 billion no-interest loan to Egypt. The announcement came as Egypt's interim president, Adly Mansour, received UAE National Security Advisor, H.H. Sheikh Hazza bin Zayed Al Nahyan, at Etihadiya Palace (photo above.) Egypt's economy has been one of the biggest struggles for ousted President Mohammed Morsi, marked by low growth, declining foreign currency reserves of $16 billion and massive unemployment. Both financial lifelines arrives as long-stalled 4.8 billion loan from the IMF remains untapped.