Egypt’s central bank governor, Hesham Ramez, announced that Saudi Arabia has transferred USD 2bn in pledged aid from a total of USD 5bn, El Khabar El Eqtesadi reported.
The Saudi aid is divided between the transferred USD 2bn interest free 5-year deposit, a USD 1bn grant in support of Egypt’s state budget and a further USD 2bn in crude oil and products.
Saudi funds along with the arrival of USD 2bn in aid from the UAE last week boosted Egypt’s dwindling foreign exchange reserves to USD 20bn, according the governor of the central bank. Three Arab Gulf states - the UAE, Saudi Arabia and Kuwait, pledged a total of USD 12bn in aid for Egypt in the wake of the army –backed ouster of President Mohamed Morsi following a popular uprising on June 30.
Egypt’s Ministry of Petroleum and Mineral Resources signed three agreements on September 14 – with UAE-based Dragon Oil, and French independent Perenco Egypt and its US peer Apache Egypt ... more
The Egyptian government plans to attract EGP 252.8bn ($5.2bn) in investments to the manufacturing sector for FY 2025/26, Economy Plus reported on September 3, citing the country’s Minister of ... more
Egypt is set to receive the first tranche of $500mn from the International Monetary Fund’s (IMF) Resilience and Sustainability Facility (RSF) before the end of 2025, Asharq Business reported on ... more