Saudi Arabia Transfers $1 Bln to Egypt: Faiza Abu el-Naga

By Administrator On May 10, 2012

Saudi Arabia has transferred $1 billion to Central Bank of Egypt as an eight-year deposit, Planning Minister Faiza Abu el-Naga said on Thursday.

Egypt, which is also negotiating a $3.2 billion loan from the International Monetary Fund, has been seeking funds from international donors to help it plug a balance of payments deficit aggravated by the political and economic turmoil of the last 15 months, Reuters reported.