Saudi Arabia extends $5 billion deposit in Egypt’s c.bank

Saudi Arabia agreed on Tuesday to extend the terms of a $5 billion aid package to enhance Egypt’s economic stability, according to King Salman bin Abdulaziz and his Crown Prince Mohammed bin Salman’s directives.

The state-run Saudi Press Agency (SPA) stated that the extension would allow Egypt to open “new financing channels with regional and international organizations.”

Saudi Arabia didn’t provide any details on the terms of the extension, including how long, while the Egyptian state media have not commented on the announcement, yet.

Egypt has enormous growth potential in light of the implementation of several structural reforms that have contributed to stimulating the growth of the private sector and raising its competitiveness, SPA added.

In March, Saudi Arabia had deposited the extension in the Egypt’s Central Bank (CBE) in order to support its economy, which was greatly affected by the Russian-Ukrainian crisis.