Saudi Arabia deposits $5 billion in Egypt’s central bank
Egypt agrees investment from Qatar and UAE, and seeks funding from IMF as wheat prices rise
Saudi Arabia deposited $5 billion in Egypt’s central bank, its state-owned press agency reported on March 30, as Egyptian authorities grapple with rising food prices.
Saudi authorities have now deposited a total of $10.3 billion at the Central Bank of Egypt. In October last year, Saudi Arabian authorities deposited $3 billion, and extended the terms of another $2.3 billion loan.
Egypt is also stepping up efforts to seek aid from other Middle Eastern countries, as it faces strain from
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