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FINANCIAL NEWS
Egypt to get USD2b deposit from Saudi Arabia
19 Aug 2016
(MENAFN) Egypt signed a deal this year for USD2bn deposit from Saudi Arabia, including plans for USD16bn investment fund.
Accordingly, the USD2bn deposit agreement was also signed amid King Salman visit, which had not been previously proclamied.
Moreover, Egypt will secure some USD5bn to USD6bn in mutual financing needed to ensure that a USD12bn lending program agreed with the IMF.
However, the country is struggling to rebuild an economy battered by turmoil since a 2011 uprising.
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