Saudi Arabia promises USD 5 billion to Egypt

Saudi Arabia's finance minister says the kingdom has pledged USD 5 billion in grants and loans to Egypt's new government, a second major promise of aid from the Gulf to the cash-strapped country after the ouster of President Mohammed Morsi.

Saudi Arabia is a leading critic of Morsi's Muslim Brotherhood, as is the United Arab Emirates which earlier Tuesday announced a USD 3 billion package to Egypt.

The aid is the clearest sign yet of shifting policies among the wealthy Gulf nations. Qatar had been a main backer of the Brotherhood, giving Morsi's government several billion dollars.

Saudi Finance Minister Ibrahim al-Assaf says the package includes USD 2 billion to be deposited in Egypt's Central Bank and USD 2 billion worth of oil and gas.