NO. 10


Financial and Banking News

Budgets & Revenues

Saudi Arabia Gives $1.5bn Grant to Egypt

The Saudi Foreign Minister, Prince Sa'ud al-Faisal, announced on 5 Decemberthat the Kingdom will grant Egypt $1.5bn to offset the effects of the Gulfcrisis on the Egyptian economy. He said that $1bn will be in balance of paymentssupport and the remainder in funding for development projects.

A royal decree issued by King Fahd on 30 November confirmed the cancellationof Egypt's...