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Saudi Arabia says it deposited $5B in Egypt’s central bank


Associated Press

CAIRO (AP) — Saudi Arabia has announced a $5 billion aid package to cash-strapped Egypt, where the economy is under mounting pressure, in part because of the economic fallout from Russia’s war on Ukraine. The state-run Saudi Press Agency said Wednesday that the sum was deposited in Egypt’s Central Bank. It says the funds are part of Saudi Arabia’s “tireless efforts” to support Egypt, the Arab World’s most populous country. The new package came less than two weeks after the Central Bank of Egypt raised its key interest rate and allowed the local currency to slip to over 18.30 to the dollar — up from an average of 15.6 pounds for $1.

Article Topic Follows: AP National Business

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Associated Press


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