Riyadh November 29 2022: In extension of deep-rooted historical ties and close cooperation aspects between the Kingdom of Saudi Arabia and Egypt, and as per generous directives by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, the Kingdom of Saudi Arabia continues to provide generous support to enhance economic stability of Egypt through extending the term of a Saudi deposit of USD5 billion at the Central Bank of Egypt.
Egypt enjoys high growth potential in light of implementing many structural reforms that have stimulated private sector growth and increased its competitiveness, and continued efforts to achieve high and more sustainable and inclusive growth rates in Egypt.
There is also continuous communication between stakeholders in the two countries in order to enhance coordination according to various mechanisms, mainly those related to pumping several investments in the Egyptian market with hard currencies, in addition to Saudi deposits, which are envisioned to contribute to opening new funding channels with regional and international organizations, including facilitating the completion of the International Monetary Fund program agreement, where the Saudi support was not limited to keeping these deposits in the Central Bank of Egypt and included large investments from the Saudi public and private sectors in the Egyptian market, in a bid to achieve further economic development in Egypt, with having a firm desire to carry out more investments in various development sectors in Egypt.
