Saudi Gazette report

RIYADH — Saudi Arabia has continued to provide support to strengthen the economic stability of Egypt by extending the term of the Kingdom's $5 billion deposit with the Central Bank of Egypt (CBE).

This came as the implementation of directives by Custodian of the Two Holy Mosques King Salman and Crown Prince Mohammed Bin Salman, prime minister, and as an extension of the long-established historical ties connecting Saudi Arabia and Egypt.

Egypt enjoys huge growing capabilities in line with implementing several structural reforms that contributed in stimulating the private sector's growth and increasing its competitiveness, in addition to continuing efforts to achieve high, more sustainable and comprehensive growth rates in the country.

Moreover, there is continuous communication between the competent authorities in Saudi Arabia and Egypt to strengthen cooperation in accordance with various mechanisms, especially with regard to pumping several investments into the Egyptian market in foreign currencies, as well as to Saudi deposits.

This could enhance in opening up new financing channels with the international and regional organizations, and also facilitating the completion of the International Monetary Fund program agreement.

Saudi Arabia's support to Egypt was not limited to keeping the deposits in the Central Bank of Egypt, but it also has pumped huge investments from the Saudi government and private sector into the Egyptian market to achieve more economic development in Egypt.

The Kingdom has a firm desire to continue making more investments in different development sectors in Egypt.