Arab

Saudi Arabia extends term for $5 bln deposit in Egypt's c.bank

CAIRO, Nov 29 (Reuters) – Saudi Arabia has prolonged the term for a $5 billion deposit it made to Egypt’s central bank, explain news agency SPA acknowledged on Tuesday, with out announcing how long the extension may perchance be.

In March, Saudi Arabia made a $5 billion deposit within the central bank as Egypt came beneath rising financial strain following Russia’s invasion of Ukraine, which pushed up oil and wheat prices and hit vacationer numbers from Russia and Ukraine.

Gulf states personal deposited no longer decrease than $13 billion with Egypt’s central bank to enhance its economy to this point this 365 days, bringing their whole deposits to $28 billion, in conserving with central bank and finance ministry information.

That entails an additional $5.3 billion of longer-term deposits from Saudi Arabia ensuing from primitive within the 2d half of 2026.

An Worldwide Financial Fund loyalist Reuters urged In October that Gulf states had agreed to elongate their deposits in Egypt’s central bank alongside a new $3 billion IMF financing deal on the 2d awaiting approval from the fund’s govt board.

Reporting by Nafisa Eltahir and Patrick Werr; Enhancing by Jon Boyle and Susan Fenton

Our requirements: The Thomson ReutersHave confidence tips.

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