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Gulf states offer aid to keep Egyptian economy afloat

A group of wealthy Gulf states have promised Egypt £12 billion in aid to stave off the country's growing economic crisis, Reuters reports.

The grants and loans unveiled by Saudi Arabia, the United Arab Emirates and Kuwait should boost Egyptian foreign reserves enough to keep government departments running and help authorities end fuel shortages.

One expert from a Riyadh-based investment firm, John Sfakianakis, estimated that £8 billion could give Egypt a breathing space of four to six months.