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Saudi deposits $5 billion in Egypt’s central bank

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RIYADH/CAIRO: Saudi Arabia has deposited $5 billion into Egypt’s central bank, a day after Qatar pledged $5 billion in investment and amid a rising wheat import bill, state media reported.

According to a statement from the Egyptian cabinet, the Egyptian and Saudi governments have signed a draught deal for Saudi investments in Egypt totaling $10 billion.

The statements come as the North African country implements a series of financial measures aimed at reducing the economic impact of Russia’s invasion of Ukraine.

In October, Saudi Arabia said that it had deposited $3 billion with Egypt’s central bank and that it had extended the term of another $2.3 billion in prior deposits. The latest deposit would boost the total amount of money on hand to $10.3 billion.

Egypt and Qatar have agreed to sign $5 billion in investment deals, according to a statement released by Egypt’s government on Tuesday.

Egypt is the world’s largest wheat importer, relies on the two countries for 85 percent of its wheat supply and 73 percent of its sunflower oil.

Mostafa Madbouli, Egypt’s prime minister, stated that his country is committed to “deepening economic and investment cooperation” with Saudi Arabia.

The large deposit was announced by Egyptian official media on Wednesday, citing a statement reported on a state news agency.

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