Saudi Arabia supports Egypt’s economy with $5 billion

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This step is an extension of the well-established historical ties and close bonds of cooperation that bring together Kingdom Saudi Arabia And theThe Egyptian Arabic Republic sisterly, and as confirmation of the deep-rooted relations between the two brotherly countries and peoples.

And the royal statement, which was reported by “SPA”, stated: “The Kingdom of Saudi Arabia deposited Saudi Arabia In implementation of the directives of the Custodian of the Two Holy Mosques the king Salman Bin Abdulaziz Al Saud and his trusted Crown Prince at the Central Bank of Egypt $5 billion, in confirmation of the distinguished bilateral relations between the two countries and the two brotherly peoples in all fields and at all levels, and as a continuation of the Kingdom of Saudi Arabia, within the unremitting efforts and its permanent leading role, in supporting the Republic of Egypt Sister Arabic.

Last October, Saudi Arabia announced that it had deposited $3 billion in the Central Bank of Egypt and extended the terms of other previous deposits worth $2.3 billion. With the new deposit, the total Saudi deposits amounted to $10.3 billion.

It is noteworthy that Egypt’s economy is facing new pressures resulting from the war in Ukraine, as the Egyptian government announced last week that it is in talks with the International Monetary Fund for possible financing and technical support to hedge against the repercussions of the crisis between Russia and Ukraine on its economy.

On March 21, Egypt devalued its currency by about 14 percent after foreign investors withdrew billions of dollars from the Egyptian treasury market.







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