Egypt To Sell $500 Mln T-bonds To Saudi Arabia

Egypt has agreed to sell $500 million treasury bonds to Saudi Arabia in an agreement signed on Sunday, Planning Minister Faiza Aboul Naga said on Monday.

The bonds are part of a package of financial support promised by Saudi Arabia a year ago. As part of the package, Riyadh earlier this month transferred $1 billion as an eight-year deposit at Egypt’s central bank, Aboul Naga said at the time.

Speaking at a news conference on Monday, she did not give the maturities of the bonds or say when they would be sold, Reuters reported.