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Egypt eyes $2-3 billion deposit from Saudi Arabia

Ahram Online , Thursday 8 Sep 2016
Sis and Bin Salman
Egypt's President Abdel Fattah El-Sisi (R) and Saudi's Crown Prince Mohamed Bin Salman (L) in a meeting in the sidelines of the G20 summit in China (Photo Courtesy of Egypt's Presidency)
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Egypt is in advanced talks with Saudi Arabia to secure a deposit of between $2-3 billion as part of the bilateral financing required to seal an International Monetary Fund loan package, the finance minister said in remarks carried by Al-Borsa newspaper on Thursday.

Al-Borsa quoted Amr El-Garhy as saying that negotiations with the Gulf kingdom about the deposit are due to be finalised "in the next few weeks."

In August Egypt reached a preliminary agreement with the IMF to secure a three-year $12 billion loan facility to support a government reform programme aimed at mending the country's ailing economy. The deal requires Cairo to secure a further $6 billion in bilateral financing.

"We are moving quite well to complete the remaining financing arrangements," the minister was quoted as saying.

Riyadh has been a key backer of President Abdel-Fattah El-Sisi since he came to office in 2014, and along with other Gulf countries has showering his government with billions of dollars in aid, investments and deposits.

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