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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




Tags: Saudi Arabia | Egypt | Central Bank | Cairo | IMF | deposit |

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