Egypt Coup Earns $8 Billion Reward From Neighboring States
Saudi Arabia and the United Arab Emirates have given Egypt $8 billion in cash, loans and fuel since military leaders arrested President Mohamed Morsi and shot dead dozens of his supporters.
Saudi Arabia and the United Arab Emirates have given Egypt $8 billion in cash, loans and fuel since military leaders arrested President Mohamed Morsi and shot dead dozens of his supporters.
Morsi’s government has since been replaced with one led by powers left over from the old Hosni Mubarak regime, along with a mixed bag of religious fundamentalists and secular liberals. Adli Mansour, the man nominally in charge, has called for parliamentary elections in six months.
The United States gives Egypt about $1.5 billion in aid every year, most of which helps pay for the military. That number is dwarfed by loans and gifts just released by neighboring Saudi Arabia and the nearby UAE. Reuters reports that both countries have been openly supportive of the coup.
Reuters:
Wealthy Gulf Arab states, long suspicious of the Muslim Brotherhood, have shown fewer reservations. The United Arab Emirates offered a grant of $1 billion and a loan of $2 billion. Saudi Arabia offered $3 billion in cash and loans, and an additional $2 billion worth of much-needed fuel.
In a further demonstration of its support, UAE Foreign Minister Abdullah bin Zayed visited Egypt on Tuesday, the most senior foreign official to arrive since Mursi’s removal.
— Posted by Peter Z. Scheer
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