Saudi Arabia, UAE To Deposit $5 Bln In Egypt –Source

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A high level government official said that Egypt will recieve another gulf deposit worth around $5 billion from the UAE and Saudi Arabia, according to daily newspaper AlMasry AlYoum.

The deposit will replace the expected decline in reserves following the repayment of $2.5 billion to Qatar next month and the $500 million which was paid in October, He added.

The official stated that talks were held with the UAE during the visit by the Minister of State sultan al Jaber to compensate the qatari deposit which will be refunded with a total value of $3 billion in addition to the repayment of $700 million to the Paris club which will be repaid in January.

Egypt will recieve a gulf deposit by current month end, and is in negotiations with Saudi Arabia to recieve $2 billion deposit, the official revealed.

The Saudi Arabian and UAE deposit will have the advantage of a long grace period and a nearly zero interest rate.

In August, an Egyptian official told reuters that the united Arab Emirates approved to provide Egypt with petroleum products worth $8.7 billion over a year starting in September.

The United Arab Emirates and Saudi Arabia have been supporters of Egypt following the June 30 reveloution and provided various financing packages like loans, deposits, and non-refundable grants in addition to their contribution to developmental projects.

Source: AlMasry AlYoum and Arab Finance