Days Of Unconditional Foreign Aids Are Over, Says Saudi Arabia Business
Hit hard by the fallout of Russia’s invasion of Ukraine, the Arab world’s most populous nation is in the grip of the worst foreign-currency crunch in years. To help cope, it’s had to request assistance from the International Monetary Fund and allies including Saudi Arabia.The kingdom in the past only provided help to Egypt in the form of deposits, grants and energy supplies. This time, its focus expanded to include investments.
In an interview on Tuesday, Al-Jadaan said his country will continue to help Egypt “not directly through just grants and deposits, but also through investments.”The IMF, which reached its own $3 billion agreement with Egypt last month, has described investments from Gulf Arab nations as “a critical part of the program’s financing strategy.”
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