Answering a question on what was attributed to Egyptian Prime Minister Dr Kamal Ganzouri that financial aid promises to Egypt from Arab and Western countries were not realized, Prince Saud Al Faisal, the Minister of Foreign Affairs, explained that the Custodian of the Two Holy Mosques King Abdullah bin Abdulaziz is very keen on the interests of the brotherly Egyptian People. "On the basis of directives of directives of King Abdullah bin Abdulaziz, Prince Saud said the Kingdom has already committed to supporting the brotherly Arab Republic of Egypt and standing by it to meet the challenges facing the Egyptian economy through a package of aid amounting to US$ 3,750,000,000 (Three billion and seven hundred and fifty million dollars). The Kingdom transferred US$500,000,000 (Five hundred million dollars) as a grant to support the Egyptian budget. The amount was transferred to the Finance Ministry's account at the Egyptian Central Bank on 13/06/1432 H corresponding to 16/05/2011 AD. The Kingdom also sent a delegation from the Saudi Development Fund to the Arab Republic of Egypt to discuss the development elements of this package totaling US$1,450,000,000 (One billion and four hundred and fifty million dollars). Then, a Memorandum of Understanding with the Ministry of International Cooperation of the Arab Republic of Egypt was signed so that the Egyptian side identifies the priority projects for consideration by the Fund in order to complete the implementation procedures. But, the Egyptian side could not do so for domestic reasons which have been clarified in a letter received by the Fund last month. Instead, the Egyptian side suggested that a memorandum on priority sectors and not projects be signed and the fund agreed directly, provided that the Ministry of International Cooperation attain the necessary approvals from the Egyptian concerned authorities. With regard to the remainder of the aid package concerning the deposit in the Central Bank and the purchase of Egyptian Treasury Bonds, the Minister of Finance of the Kingdom addressed the Egyptian Minister of Finance on 09/09/1432 H corresponding to 09/08//2011 AD where he requested to send a technical team from Egypt to complete their procedures. The Minister of Finance of the Kingdom also reminded the former Minister of Finance of the Arab Republic of Egypt in this regard. In addition to what has been mentioned, the Kingdom also provided assistance in kind consisting of 48,000 metric tons of the liquefied petroleum gas." The Foreign Minister stressed that the Government of the Custodian of the Two Holy Mosques, King Abdullah bin Abdul Aziz has not hesitated to stand by the brotherly people of Egypt based on its historic commitment in supporting sisterly states.
