Egypt to receive $2 billion Saudi deposit soon

Central Bank of Egypt will receive this week a two-billion-USD Saudi deposit as part of the five-billion-USD aid package.

Egypt to receive $2 billion Saudi deposit soon

Central Bank of Egypt will receive this week a two-billion-USD Saudi deposit as part of the five-billion-USD aid package promised by the oil-rich Gulf country following the ouster of elected president Mohamed Morsi.

"The Saudi deposit will be for five years and will be interest-free," Planning Minister Ashraf al-Arabi told Anadolu Agency on Sunday.

CBE Governor Hisham Ramez told AA on Thursday that the Saudi aid package would be transferred next week.

Saudi Arabia has announced a $5 billion aid package to Egypt, including a $1 billion grant, $2 billion in CBE deposits and $2 billion worth of oil products and natural gas.

Ramez has also confirmed that the United Arab Emirates transferred $3 billion it had pledged earlier in aid to Egypt, increasing Egypt's total foreign currency reserve to $17.9 billion.

Kuwait has promised Egypt urgent aid to the value of $4 billion, including a $1 billion grant, a $2 billion deposit with the CBE and an additional $1 billion worth of oil.

The aid packages came shortly after the army ousted Morsi, Egypt's first democratically elected president, suspended the constitution and installed Adly Mansour, the head of the constitutional court, as interim president.

Egypt’s relations with oil-rich Gulf countries had been strained during Morsi's one year in office.

AA

Last Mod: 23 Temmuz 2013, 16:27
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