Egypt received $8.8 bln of total $15 bln Gulf aid - governor

PHOTO: Egypt received $8.8 bln of total $15 bln Gulf aid - governor

ABU DHABI - Egypt has received US$7 billion (S$8.8 billion) out of the US$12 billion ((S$15 billion)) pledged by Gulf countries, its central bank governor said on Sunday, adding he expected further support from the United Arab Emirates, Saudi Arabia and Kuwait.

Of the US$7 billion currently received, US$3 billion was from the UAE, with a further US$2 billion each from Saudi Arabia and Kuwait, Hisham Ramez told reporters on the sidelines of a meeting of Arab central bankers in Abu Dhabi.

Egypt returned US$2 billion of financial support from Qatar earlier this month after talks to convert the funds into three-year bonds broke down, a move interpreted as a sign of growing tensions between the two countries in the wake of the removal of Mohamed Mursi from the presidency in July.

"The decision was not politically driven. It was a technical decision by the central bank," Ramez added.