Finance Minister: EU to aid Egypt with $650 million

Finance Minister Momtaz al-Saeed unveiled on Wednesday 1/2/2012 that the European Union (EU) is preparing a 650-million-dollar financial aid package to boost the Egyptian economy during the current transitional period.

Saeed, after his meeting with EU Ambassador in Cairo Marco Franco and World Bank's Country Director for Egypt, Yemen and Djibouti David Craig, said the EU aid is part of the other financial assistance the union is to offer to the Egyptian economy at this stage.

The minister said the World Bank will also help Egypt with two billion dollars to be offered over two years. Saeed said Egypt and the IMF are to continue talks soon about the loan, which is expected to bring the Egyptian economy back to normal.

The Egyptian economy is facing many difficulties due to the delayed delivery of the financial assistance of many friendly countries that promised to help Egypt, he added.