Egypt showered with Gulf billions in show of support for army
CAIRO - Reuters
Egyptian army soldiers stand guard in front of the Egyptian museum in Cairo, July 9, 2013. REUTERS PhotoGulf states shower Cairo with $8 billion in aid, showing their support for the Egyptian army’s move to push the Muslim Brotherhood from power.
The United Arab Emirates offered a grant of $1 billion and a loan of $2 billion. Saudi Arabia offered $3 billion in cash and loans, and an additional $2 billion worth of much-needed fuel. While Saudi Arabia helped Egypt with almost $2 billion in aid after Morsi was elected last year, the additional $5 billion marks a significantly higher amount and reflects the kingdom’s support of the latest changes in Cairo.
Morsi’s administration had help, notably, from Qatar, which has warmer ties with the Muslim Brotherhood.
The United Arab Emirates, among the leading Arab critics of the Brotherhood, was involved in a diplomatic row with Morsi’s government over the arrest of several Egyptians accused of forming a Brotherhood cell there.
In a further demonstration of its support, UAE Foreign Minister Abdullah bin Zayed visited Egypt on July 9, the most senior foreign official to arrive since Morsi’s removal.
The money also buys time for Cairo to negotiate with the International Monetary Fund (IMF) for a $4.8 billion rescue loan, long stalled. The United States gives Cairo $1.5 billion a year, most of it in the form of direct aid to the Egyptian military.