Arab News, Wednesday, Nov 30, 2022 | Jamadi Al Awwal 6, 1444
Saudi Arabia extends term for $5 billion Egypt central bank deposit
Saudi Arabia:
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.