People walk past soldiers guarding the Egyptian
museum in Tahrir square, Cairo.
Saudi vows to fill Egypt's financial gap
Riyadh, August 19, 2013
Saudi Foreign Minister Prince Saud al-Faisal on Monday pledged to fill any financial gaps left by Western countries withdrawing aid from Egypt over an army crackdown on Muslim Brotherhood protesters that has left hundreds dead since last week.
Speaking to state news agency SPA in Jeddah after visiting France on Sunday, Prince Saud also accused Western countries of tacitly encouraging Muslim Brotherhood violence with their criticism of the Egyptian military.
"To those who have declared they are stopping aid to Egypt or are waving such a threat, the Arab and Muslim nations are wealthy with their people and resources and will not shy away from offering a helping hand to Egypt," he said.
Saudi Arabia, the world's top oil exporter, has given Egypt's military rulers its full backing since they overthrew the country's first freely elected president, Mohamed Mursi, last month, saying mass protests against him showed he had lost legitimacy.
While Egypt's Western allies have denounced the army's crackdown on the Brotherhood, Riyadh has instead said the country is tackling terrorism and sedition.
"We see international stances that have taken a strange course... as if the aim is to cover up for the crimes, the burning of Egypt and the killing of its people," he said.
US President Barack Obama last week cancelled annual military exercises with Egypt, while European Union foreign ministers were due to hold an emergency meeting in Brussels on Wednesday to discuss how to press the Egyptian authorities for a compromise.
On Sunday, after meeting French President Francois Hollande, Prince Saud warned the West against putting pressure on Egypt to end its crackdown, saying it would not achieve anything.
Saudi Arabia, the United Arab Emirates and Kuwait pledged to give Egypt $12 billion in aid after last month's ouster of Mursi.
According to Egyptian Finance Ministry figures released in June, the state budget deficit for the first five months of 2013 nearly doubled from a year earlier to 113.4 billion Egyptian pounds ($16.2 billion). Saudi Arabia had a budget surplus of $103 billion last year. - Reuters
More Finance & Capital Market Stories
- Emaar proposes 15pc cash dividends
- ABG units win top Islamic finance award
- Finance House approves 25pc cash dividends
- Qatar 'most expensive country in Gulf'
- Egypt regulator sets rules for index
- Dubai Islamic eyes Kenya, Indonesia for expansion
- ADCB to buy back 3pc of its shares
- GCC insurance growth outpaces developed markets
- Bahrain 'faces budget deficit, inflation challenges'
- Global Payment Services wins key certification
- BBK unveils big India expansion plans
- Kuwait GDP growth to hit 3.5pc in 2014
- Gulf shares tumble over EM exposure cut
- GCC bonds to gain from macro-economic climate
- French Business Council Dubai members up 18pc
- Egypt economy growth seen less strong than thought
- Sharjah approves $4.2bn budget for 2014
- Saudi non-oil sector posts solid growth in Feb
- Seera total income rises to $34m
- NBAD approves 40pc cash dividends
- NBAD sees 8-10pc loan growth
- Al Basel Group launches investment arm
- Union Insurance posts $18m profit
- Oman warns banks on conflicts of interest
- Japan to lend Tunisia $480m
- 400 to join anti-laundering seminar in Riyadh
- Lebanese insurer to head Prague Club
- UAE's first REIT plans $135m IPO
- Bahrain banking industry outlook 'positive'
- New India Assurance opens Bahrain branch