Saudi Arabia extends $5 bln deposit term for Egypt’s Central ‎Bank ‎

As an extension of the long-established historical ties and close bonds of cooperation that bind the Kingdom of Saudi Arabia to the brotherly Arab Republic of Egypt, and in accordance with the generous directives of the Custodian of the Two Holy Mosques and his trustworthy Crown Prince – may God protect them – the Kingdom of Saudi Arabia has continued to provide generous support to enhance economic stability of Egypt by extending the term of the Kingdom’s deposit with the Central Bank of Egypt at a value of $5 billion.

Egypt has enormous growth potential in light of the implementation of several structural reforms that have contributed to stimulating the growth of the private sector and raising its competitiveness, and the continued efforts to achieve high, more sustainable and comprehensive growth rates in Egypt. There is also continuous communication between the concerned authorities in the two brotherly countries in order to enhance coordination according to various mechanisms, especially with regard to pumping numerous investments into the Egyptian market in foreign currencies in addition to Saudi deposits, which it is hoped will contribute to opening new financing channels with regional and international organizations, including facilitating the completion of the International Monetary Fund program agreement, as the Saudi support was not limited to keeping those deposits in the Central Bank of Egypt, but rather large investments were pumped from the government sector and the Saudi private sector into the Egyptian market in order to achieve more of economic development in Egypt, with a firm desire to continue making more investments in the various development sectors in Egypt, God willing.