Egypt hopes to receive $2 bln deposit from UAE before May-end

Egypt is in talks with the United Arab Emirates to receive $2 billion in a Central Bank of Egypt (CBE) deposit before the end of May, the CBE’s governor, Tarek Amer, told official news agency MENA, on Thursday.

In April, the United Arab Emirates pledged $4 billion to Egypt, half as a deposit in the central bank and the other half in investments in developmental projects, the Emirati news agency WAM reported at the time.

Amer also told MENA that Egypt had not received any central bank deposit since he began his tenure in November.

Egypt’s foreign currency reserves stood at $17.0108 at the end of April, up from $16.561 billion the previous month.

Source: Reuters