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UK"},"description":"Sources say aid to be transferred in October as Egypt struggled to boost foreign currency reserves.","articleBody":"Saudi Arabia and the United Arab Emirates are set to send $5bn (£3.1bn, €3.9bn) to Egypt to bolster its foreign currency reserves, according to reports in the Egyptian media.Cairo will receive the massive deposits in two instalments this month, to cover the fall in reserves that will result from a major repayment to Qatar in November.Cairo is due to pay off $2.5bn worth of bonds to Doha next month. The bond purchase had been agreed when Egypt's government had strong ties with Qatar.Yet, relations between the two countries have become strained since Egypt's Islamist former president Mohamed Morsi was ousted from office in July 2013.Qatar is widely considered to back the Muslim Brotherhood, which was dissolved and banned in Egypt in August, amid a wider crackdown on human rights headed by Egypt's President Abdel Fattah al-Sisi.Saudi Arabia and the UAE see the Brotherhood as an existential threat and have backed the dissolution of the movement in the country.Along with Kuwait, the allies have handed over more than $20bn in financial assistance to post-Morsi administrations in Egypt.The UAE will pay $3bn to Egypt under the deal, while Saudi Arabia will hand over $2bn, sources familiar with the matter told Egyptian news website Ahram.The sums will be loaned to Egypt in two instalments, the first of which will arrive in late October. 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</header><article id="node-1469781" class="node-article node node-article KonaBody node-sidebar flc ibtwall"> <header class="article-header"><div class="byline-social flex-xs flex-wrap jc-sb ai-c"><div class="byline"> <span class="by">By</span> <span class="flex-n writer-info"> <span class="image"> <picture> <source type="image/webp" srcset="https://d.ibtimes.co.uk/en/full/1371845/nigel-wilson.webp?w=60&h=60&l=62&t=44&f=1d7a3ac750bc7b2ed539072e745ad295"> <img src="https://d.ibtimes.co.uk/en/full/1371845/nigel-wilson.jpg?w=60&h=60&l=62&t=44&f=1d7a3ac750bc7b2ed539072e745ad295" alt="Nigel Wilson" width="60" height="60" /> </picture> </span> </span> <span class="author"> <a href="https://www.ibtimes.co.uk/reporters/nigel-wilson" class="author-name" rel="author"> Nigel Wilson </a> </span> <br> <time datetime="31"><b>Published</b> 13 October 2014, 3:21 PM BST</time></div><div class="social-share flex-xs ai-c jc-fe"> <a 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srcset="https://d.ibtimes.co.uk/en/full/1404092/abdel-fattah-al-sisi.jpg?w=736&f=30b39c046afd385ae51f014b101a9ddf 736w"><source type="image/webp" media="(min-width: 768px)" sizes="1100px" srcset="https://d.ibtimes.co.uk/en/full/1404092/abdel-fattah-al-sisi.webp?w=1100&f=31d44693862f2119660b5ef5a7f94991 1100w"><source type="image/jpeg" media="(min-width: 768px)" sizes="1100px" srcset="https://d.ibtimes.co.uk/en/full/1404092/abdel-fattah-al-sisi.jpg?w=1100&f=31d44693862f2119660b5ef5a7f94991 1100w"><source type="image/webp" media="(min-width: 480px)" sizes="736px" srcset="https://d.ibtimes.co.uk/en/full/1404092/abdel-fattah-al-sisi.webp?w=736&f=30b39c046afd385ae51f014b101a9ddf 736w"><source type="image/jpeg" media="(min-width: 480px)" sizes="736px" srcset="https://d.ibtimes.co.uk/en/full/1404092/abdel-fattah-al-sisi.jpg?w=736&f=30b39c046afd385ae51f014b101a9ddf 736w"><source type="image/webp" media="(min-width: 0px)" sizes="480px" srcset="https://d.ibtimes.co.uk/en/full/1404092/abdel-fattah-al-sisi.webp?w=480&f=ff1829a924ed321eedf03a0e4e52cedd 480w"><source type="image/jpeg" media="(min-width: 0px)" sizes="480px" srcset="https://d.ibtimes.co.uk/en/full/1404092/abdel-fattah-al-sisi.jpg?w=480&f=ff1829a924ed321eedf03a0e4e52cedd 480w"><source type="image/webp" srcset="https://d.ibtimes.co.uk/en/full/1404092/abdel-fattah-al-sisi.webp?w=736&f=30b39c046afd385ae51f014b101a9ddf"><img class="mapping-embed imgPhoto" id="i1404092" src="https://d.ibtimes.co.uk/en/full/1404092/abdel-fattah-al-sisi.jpg?w=736&f=30b39c046afd385ae51f014b101a9ddf" alt="Abdel Fattah al-Sisi" width="736" height="473" height="473" /></picture></div> <figcaption class="caption" style="max-width:1600px;"> <span class="cap">Egypt's Abdel Fattah al-Sisi acknowledges applause before his address to the United Nations General Assembly</span> <span class="credit">Reuters</span> </figcaption></div> </figure><div class="article-paywall-contents"><p>Saudi Arabia and the United Arab Emirates are set to send $5bn (£3.1bn, €3.9bn) to Egypt to bolster its foreign currency reserves, according to reports in the Egyptian media.</p><p>Cairo will receive the massive deposits in two instalments this month, to cover the fall in reserves that will result from a major repayment to Qatar in November.</p><p>Cairo is due to pay off $2.5bn worth of bonds to Doha next month. The bond purchase had been agreed when Egypt's government had strong ties with Qatar.</p><div id="block-ibtimes-article-related-stories-block" class="block block-ibtimes-article" data-gtm-action="Related_Stories" style="border-bottom: 1px solid #eee; border-top: 1px solid #eee;"><div class="content"><div class="small-related"><div class="block-title" style="margin:0;">Related</div><div><div class="t"><a data-gtm-category="Related In-Text A" data-gtm-action="Click" data-gtm-label="Article 1" href="/egypt-uae-ties-deepen-cairo-boosts-oil-imports-1466082">Egypt-UAE Ties Deepen as Cairo Boosts Oil Imports</a></div><div class="t"><a data-gtm-category="Related In-Text A" data-gtm-action="Click" data-gtm-label="Article 2" href="/egypt-economic-reforms-are-gulfs-latest-offensive-war-political-islam-1453575">Egypt Economic Reforms are Gulf's Latest Offensive in War on Political Islam</a></div><div class="t"><a data-gtm-category="Related In-Text A" data-gtm-action="Click" data-gtm-label="Article 3" href="/saudi-arabia-uae-ready-massive-20bn-aid-package-boost-egypts-shattered-economy-1450818">Saudi Arabia and UAE Ready Massive $20bn Aid Package to Boost Egypt's Shattered Economy</a></div><div class="t"><a data-gtm-category="Related In-Text A" data-gtm-action="Click" data-gtm-label="Article 4" href="/egypts-sisi-begs-us-economic-anti-terrorism-aid-1448681">Egypt's Sisi Begs US for Economic and Anti-Terrorism Aid</a></div></div></div></div></div><p>Yet, relations between the two countries have become strained since Egypt's Islamist former president Mohamed Morsi was ousted from office in July 2013.</p><p>Qatar is widely considered to back the Muslim Brotherhood, which was dissolved and banned in Egypt in August, amid a wider crackdown on human rights headed by Egypt's President Abdel Fattah al-Sisi.</p><p>Saudi Arabia and the UAE see the Brotherhood as an existential threat and have backed the dissolution of the movement in the country.</p><p>Along with Kuwait, the allies have handed over more than $20bn in financial assistance to post-Morsi administrations in Egypt.</p><p>The UAE will pay $3bn to Egypt under the deal, while Saudi Arabia will hand over $2bn, sources familiar with the matter told Egyptian news website Ahram.</p><p>The sums will be loaned to Egypt in two instalments, the first of which will arrive in late October. The loans are set to mature over a period of between three and five years.</p><p>Egypt's foreign currency reserves currently stand at $16.8bn, according to the latest data.</p><div class="filed-under"> <a href="https://www.ibtimes.co.uk/topics/united-arab-emirates" title="United Arab Emirates"><span>United Arab Emirates</span></a></div><div class="wall-guide"></div></div></div><div class="source"><p>© Copyright IBTimes 2024. 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