Saudi Arabia pledges $4 Billion in economic aid to Egypt

Saudi Arabia will provide $4 billion to support the economy in Egypt, the state-run Saudi Press Agency said today.

The assistance will be granted in “soft loans, deposits and grants,” it said, citing a statement issued today by Egyptian Field Marshal Mohamed Hussein Tantawi, who heads the ruling military council.

Following weeks of widespread street protests, former Egyptian President Hosni Mubarak ceded interim authority to the Supreme Council of the Armed Forces on Feb. 11 after three decades in power.

Since then, Egypt’s economy has suffered from inflation, a lack of investment, a budget deficit and decline in tourism, Mohamed ElBaradei, a possible candidate for the Egyptian presidency, said today. He urged more outside investment in the country to spur an economic recovery. Bloomberg