Saudi Arabia extends terms of $5 billion in aid to Egypt

CAIRO (AP) — Saudi Arabian state media says the country has agreed to extend the terms of a $5 billion aid package to Egypt in March. The move is aimed at bolstering the North African country’s recent deal with the International Monetary Fund. The state-run Saudi Press Agency said Tuesday the extension would allow Egypt to open ‘’new financing channels with regional and international organizations″ and help the completion of a preliminary $3 billion agreement the Middle East’s most populous country reached with the IMF in October. Saudi Arabia provided no further details on the terms of the extension, including how long.