Saudi deposit arrives to the Central Bank of Egypt - Daily News Egypt

Saudi deposit arrives to the Central Bank of Egypt - Daily News Egypt:

"Saudi Arabia has transferred $2bn to the Central Bank of Egypt in the form of a five year interest-free deposit. This comes as a part of the $5bn aid package that Saudi pledged to Egypt after the ouster of president Mohamed Morsi.

In a sign of support to Egypt’s economy, which continues to reel from more than two years of unrest, Gulf states have pledged $12bn aid, $3bn from the United Arab Emirates, $4bn from Kuwait and $5bn from Saudi, in form of cash grants, deposits and petroleum products.

Saudi’s aid breaks down into $1bn as a grant and $2bn in the form of fuel petroleum products. Meanwhile, the UAE’s aid is a $1bn grant and $2bn interest free deposit with the central bank. Kuwait’s combined package includes a $2bn deposit, a $1 grant and $1bn oil products."

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