Egypt’s central bank receives USD 2bn Saudi deposit

By bne IntelliNews July 22, 2013

Egypt’s central bank governor, Hesham Ramez, announced that Saudi Arabia has transferred USD 2bn in pledged aid from a total of USD 5bn, El Khabar El Eqtesadi reported.

The Saudi aid is divided between the transferred USD 2bn interest free 5-year deposit, a USD 1bn grant in support of Egypt’s state budget and a further USD 2bn in crude oil and products.

Saudi funds along with the arrival of USD 2bn in aid from the UAE last week boosted Egypt’s dwindling foreign exchange reserves to USD 20bn, according the governor of the central bank. Three Arab Gulf states - the UAE, Saudi Arabia and Kuwait, pledged a total of USD 12bn in aid for Egypt in the wake of the army –backed ouster of President Mohamed Morsi following a popular uprising on June 30.

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