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  • Saudi Arabia extends term for $5 billion Egypt central bank deposit

Saudi Arabia extends term for $5 billion Egypt central bank deposit

Egypt's Central Bank headquarters are seen in downtown Cairo, Egypt. (File/Reuters)
Egypt's Central Bank headquarters are seen in downtown Cairo, Egypt. (File/Reuters)
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30 Nov 2022 03:11:42 GMT9
30 Nov 2022 03:11:42 GMT9
  • The Kingdom made the $5 billion deposit in Egypt’s central bank in March
  • The extension aims to enhance economic stability in Egypt

Arab News 

RIYADH: Saudi Arabia on Tuesday extended the term for a $5 billion deposit the Kingdom made to Egypt’s central bank, Saudi Press Agency reported.

The extension comes at the directive of King Salman and Crown Prince Mohammed bin Salman and aims to enhance economic stability in Egypt.

There is continuous communication between authorities in the two countries in order to enhance coordination, especially with regard to pumping numerous investments in foreign currencies into the Egyptian market in addition to Saudi deposits, SPA said.

It is hoped that these investments will contribute to opening new funding channels with regional and international organizations, SPA added.

The Kingdom made the $5 billion deposit in Egypt’s central bank in March after the country came under increasing financial pressure following Russia’s invasion of Ukraine.

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