Saudi Arabia gives $3 billion to Egyptian central bank

Saudi Arabia

Saudi Arabian authorities have deposited $3 billion with the Central Bank of Egypt, according to an October 31 Saudi Press Agency brief. The wire service also states that Saudi Arabia previously extended another $2.3 billion deposit with the CBE.

The report indicated that the payment was part of a wider programme of Covid-19 relief. The ministry of finance claims that Saudi Arabia has played a leading role in contributing to the foreign reserves of poorer countries during the pandemic

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