Saudia Arabia Approves 430 Million in New Aid to Egypt.....

[MMC]

CAIRO (Reuters) - Saudi Arabia said on Friday it had approved $430 million in project aid to Egypt and would allow Cairo to use a $750 million line of credit to import oil products.

The uprising chased away tourists and foreign investors, two of Egypt's main sources of foreign currency, and economists have said the country will need a minimum of $11 billion over the next year to stave off a balance of payments crisis and a potential devaluation of its currency.

It includes $60 million to supply drinking water to the Cairo district of Nasr City, $80 million to renew and replace irrigation pumps and $90 million to build seed storage silos.

Saudi Arabia earlier this month transferred a separate $1.5 billion to Cairo as direct budget support.
Another $750 million line of credit to finance Saudi exports to Egypt will be exempted from a requirement that it be used to buy non-oil products.

Saudi Arabia deposited $1 billion in Egypt's central bank on June 2 and transferred $500 million to buy Egyptian T-bonds on June 4, Egyptian Finance Minister Mumtaz al-Saeed said this week.....snip~

http://af.reuters.com/article/investingNews/idAFJOE8570CW20120608


Looks Like the Saud have decided they will just buy Egypt. The Saudis said hey.....here is some money, now Calm down and STFU. Seems the Saud will play Egypts Puppet Master! :laugh:

[Beevee]

CAIRO (Reuters) - Saudi Arabia said on Friday it had approved $430 million in project aid to Egypt and would allow Cairo to use a $750 million line of credit to import oil products.

The uprising chased away tourists and foreign investors, two of Egypt's main sources of foreign currency, and economists have said the country will need a minimum of $11 billion over the next year to stave off a balance of payments crisis and a potential devaluation of its currency.

It includes $60 million to supply drinking water to the Cairo district of Nasr City, $80 million to renew and replace irrigation pumps and $90 million to build seed storage silos.

Saudi Arabia earlier this month transferred a separate $1.5 billion to Cairo as direct budget support.
Another $750 million line of credit to finance Saudi exports to Egypt will be exempted from a requirement that it be used to buy non-oil products.

Saudi Arabia deposited $1 billion in Egypt's central bank on June 2 and transferred $500 million to buy Egyptian T-bonds on June 4, Egyptian Finance Minister Mumtaz al-Saeed said this week.....snip~

http://af.reuters.com/article/investingNews/idAFJOE8570CW20120608


Looks Like the Saud have decided they will just buy Egypt. The Saudis said hey.....here is some money, now Calm down and STFU. Seems the Saud will play Egypts Puppet Master! :laugh:

Some country has to now that the US is broke.

[Sultan]

Yes they gave us some gas today too.

Last week or was it the week before? not sure now

even as our fuel and gas reserves were so low for oursleves but still we sent trucks full of it to Gaza so they could continue to operate in hospitals

Incubators are more important than boiling potatoes to some people.

[MMC]

Some country has to now that the US is broke.


Well if Canada thinks they want to dish out money to those that just want to use others. They can be my guest to. But it looks like the real point is.....the Egyptians will be bending over backwards while they keep running around looking for money from all others to pay for their own elections. In the meantime.....lets see if the Saud can help with their currency from devaluing.

Not to mention.....it is good to know that the Saud money will be for their stake over the Egyptians. As in Control! :laugh:

[Beevee]

Well if Canada thinks they want to dish out money to those that just want to use others. They can be my guest to. But it looks like the real point is.....the Egyptians will be bending over backwards while they keep running around looking for money from all others to pay for their own elections. In the meantime.....lets see if the Saud can help with their currency from devaluing.

Not to mention.....it is good to know that the Saud money will be for their stake over the Egyptians. As in Control! :laugh:

No! We use our money to give each individual an equal opportunity to receive healthcare without the need for foreclosure specialists.

As long as there is Saudi oil, they won't run out of money. The US should address that as they haven't been to war for about 5 months.

[MMC]

No! We use our money to give each individual an equal opportunity to receive healthcare without the need for foreclosure specialists.

As long as there is Saudi oil, they won't run out of money. The US should address that as they haven't been to war for about 5 months.

We have addressed it.....considering the Saud will be tapped out by when? 2055 isn't that what they are saying? But don't worry sooner or later we will start looking to those who should have been paying protection all along that are a little closer to home. :wink: