Saudi Arabia provided a $5 billion deposit with the Egyptian Central Bank.

King Salman bin Abdulaziz Al Saud, King of the Kingdom of Saudi Arabia, has ordered an extension of the Kingdom’s $5 billion deposit with the Central Bank of Egypt.

Today, Tuesday, the official Saudi press agency said that this is a continuation of the long-standing historical ties and close ties of cooperation linking the Kingdom of Saudi Arabia with the sister Arab Republic of Egypt, and in accordance with the directives of the Custodian of the Two Holy Mosques and Crown Prince Mohammed bin Salman, noting that the Kingdom of Saudi Arabia continues to provide support with a generous grant to increase the economic stability of the brotherly Arab Republic of Egypt by extending the duration of this deposit.

The agency said that Egypt has huge growth potential in light of the implementation of many structural reforms that have helped stimulate private sector growth and competitiveness, as well as ongoing efforts to achieve high, more sustainable and inclusive growth in Egypt.

She noted that there is constant communication between the relevant authorities of the two brotherly countries to strengthen coordination in accordance with various mechanisms, especially regarding the infusion of numerous foreign exchange investments into the Egyptian market in addition to Saudi deposits, which are expected to be facilitated by the opening of new funding channels with regional and international organizations, including facilitating the completion of an International Monetary Fund program agreement.

She added that Saudi Arabia’s support was not limited to keeping these deposits at the Egyptian Central Bank, but rather that large investments were siphoned from the public sector and the private sector of Saudi Arabia to the Egyptian market in order to achieve greater economic development in Egypt. with a strong desire to continue more investment in various development sectors in Egypt, God willing.

Last March, Saudi Arabia injected $5 billion into the Egyptian Central Bank.

A spokesman for the Saudi Ministry of Finance announced that Saudi Arabia and Turkey are discussing Riyadh’s placement of $5 billion with the Turkish Central Bank.

“We have reached the final stages of negotiations for a $5 billion placement with the Turkish Central Bank,” the spokesman said in an emailed response to a Reuters inquiry.

Source: RT