KSA: Saudi Arabia deposits $5 bn in Egypt’s central bank – Gulf Digital News

KSA: Saudi Arabia deposits $5 bn in Egypt’s central bank – Gulf Digital News

Saudi Arabia has deposited $5 billion in Egypt's central bank, the Saudi state news agency reported on Wednesday, and the kingdom is expected to invest further as the Ukraine war adds to the pressure on the Egyptian economy.

Last week Egypt said it was in talks with the International Monetary Fund for potential funds and technical support to hedge against the effects of the Russia-Ukraine crisis on its economy.

Funding from additional donors is often a condition for finance from the IMF.

"The Kingdom of Saudi Arabia, to implement the directives of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Highness the Crown Prince, deposited five billion dollars with the Central Bank of Egypt," the report from the state Saudi Press Agency said on Wednesday.

In addition, an Egyptian cabinet statement said on Wednesday Saudi Arabia's state-owned Public Investment Fund (PIF) would invest additional funds in Egypt, but gave few details.

Cooperation between the PIF and Egypt's sovereign fund will involve measures to attract $10 billion in investments, the cabinet statement quoted Egyptian Prime Minister Moustafa Madbouly as saying. A package of projects would be announced as soon as possible, he said.

It quoted Saudi Minister of State for