Saudi provides $53bn in foreign aid in 23 years

Saudi Arabia has contributed with more than 53 billion U.S. dollars in foreign aid for various countries in 23 years from 1990 to 2013, according to Al Riyadh newspaper on Monday. The highest foreign aid was in 2011 with 5.4 billion dollars, while total aid until 2011 was 43.4 billion dollars in the form of assistances and loans, 3.3 billion dollars as contributions for NGOs and organizations, and 3 billion dollars for multilateral aid. The total assistance to Arab countries from January 2011 to July 2012 hit 17.86 billion dollars, including 5 billion dollars for Oman and Bahrain, economic advisor Fadi Al Ajaji told the newspaper. Meanwhile in July Saudi Arabia approved 5 billion dollars aid package to Egypt which struggles with a high budget deficit and rising unemployment amid political crisis. The package includes 2 billion dollars in the form of petroleum and gas aid products, while another 2 billion dollars will be in the form of a deposit at Egypt's central bank and one billion dollars as a grant.