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Saudi to deposit USD1b at Egypt’s CB

20 Apr 2012

(MENAFN) An Egyptian official said that by the end of the month, Saudi will provide the country with a USD1 billion aid package that would be deposited at the central bank, reported Arab News.

The official added that the Kingdom will also purchase T-bonds worth USD750 million, adding that the two measures are part of a USD2.7 billion package to support the country’s finances.

The official also said that the package consists of USD250 million of support to acquire fuel, in addition to USD500 million in project finance and USD200 million going to small- and medium-sized enterprises.

It is worth noting that during the political upheaval and spasms of violence since Hosni Mubarak was toppled from power in 2011, Egypt’s foreign reserves have plunged by more than USD20 billion to USD15.12 billion.

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