Saudi Arabia has extended the term of a $5 billion deposit at Egypt’s Central Bank, the Saudi Press Agency (SPA) reported on Tuesday.
He added that this resolution is a continuation of deep-rooted ancestral ties and facets of close cooperation between the Kingdom of Saudi Arabia and Egypt.
These are from King Salman bin Abdulaziz Al Saud and Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud.
He added that Saudi Arabia continues to provide generous aid to Egypt’s economic stability through the extension of the term of a $5 billion Saudi deposit at the Central Bank of Egypt.
He noted that Egypt enjoys high expansion potential thanks to the implementation of structural reforms that have boosted private sector expansion and increased competitiveness.
There is a transparent ongoing effort for high, more sustainable and inclusive expansion rates in Egypt.
There is also continuous communication between stakeholders in countries.
This is about getting better constant coordination through mechanisms, basically the same ones that inject various investments into the Egyptian market with hard currency, in addition to Saudi deposits.
It is expected to contribute to the opening of new investment channels with regional and foreign organizations.
This includes facilitating the final touch of the International Monetary Fund program agreement.
The firm said Saudi Arabia did not limit itself to holding those deposits in the Central Bank of Egypt and included significant investments through Saudi Arabia’s public and personal sectors in the Egyptian market, with the aim of achieving Egypt’s economic progress, with the company’s willingness to do more. investments in various sectors of progression in Egypt.