UAE sends billions to Central Bank
The Central Bank of Egypt (CBE) received a deposit of US$3 billion in aid from the United Arab Emirates on Thursday, said CBE Governor Hesham Ramez.
In remarks published by the Turkish news agency Anadalou and carried by the independent daily Al-Masry Al-Youm, Ramez said that of the total amount that was transferred to Egypt, US$2 billion would be added to the net international reserves. The remaining US$1 billion — which was donated to the government as a grant — would go towards plugging up the nation’s budget deficit.
Saudia Arabia is also planning to transfer the US$5 billion in aid it had promised to Egypt “within days,” Ramez said.
Kuwait has pledged US$4 billion dollars to Egypt, bringing to the total aid package promised since President Mohamed Morsi’s ouster to US$12 billion. The newly sworn in Cabinet has said its priority would be improving an economy that has faced its most crippling slowdown in two decades.
أخبار ذات صلة
Govt’s launch of ‘Citizen Bonds’ challenges domestic banks, sources say
The Finance Ministry’s new “Citizen Bond” is being rolled out today, available for individuals exclusively through Egypt Post branches. The 18-month savings and investment instrument offers a fixed annual return…
Queuing for gold
Gold remains a trusted option for people looking to invest their savings despite a volatile market
Sources: Hot money exits from govt debt markets in waves amid expectation of devaluation
Yields on one of the Egyptian government’s primary debt instruments hit record levels on Sunday.
United Bank of Egypt announces listing on EGX after 2 years of stalled offerings
The United Bank, a financial institution fully owned by the Central Bank of Egypt (CBE), announced its plan to list 30 percent…
Your support is the only way to ensure independent, progressive journalism survives.
You have a right to access accurate information, be stimulated by innovative and nuanced reporting, and be moved by compelling storytelling. Subscribe now to become part of the growing community of members who help us maintain our editorial independence.
Join us