Saudi transfers $1 billion to Egypt as deposit
Cairo, May 10, 2012
Saudi Arabia has transferred $1 billion to Egypt's central bank as an eight-year deposit, Planning Minister Faiza Abu El-Naga said on Thursday.
Egypt, which is also negotiating a $3.2 billion loan from the International Monetary Fund, has been seeking funds from international donors to help it plug a balance of payments deficit aggravated by the political and economic turmoil of the last 15 months. – Reuters