Saudi Arabia deposits $5 billion in Egypt’s CBE

Saudi Press Agency (SPA) reported that the Kingdom made a $5 billion deposit with the Central Bank of Egypt.

The agency said that this step is an extension of the well-established ties and close bonds of cooperation between the Kingdom of Saudi Arabia and the sisterly Arab Republic of Egypt.

The Kingdom and Egypt have strong relations in all fields and at all levels.

The Egyptian Prime Minister, Dr. Mostafa Madbouly, revealed that a new agreement will be signed with the Saudi brothers to pump investments in Egypt.

He pointed out that it is a strong message that the Egyptian state encourages foreign investments in various sectors of the state and that the Egyptian government is working to overcome various difficulties and obstacles to attract more such investments.

The Egyptian Minister of Planning, Hala El-Said, said recently that the Egyptian government has reduced its forecast for economic growth in the current fiscal year 2022/2021, due to the economic repercussions of the war in Ukraine to 5.7% from 6.4%.

“The repercussions of the Russian-Ukrainian issue, as well as its impact on inflation and the global economy, have impacted us and we now expect our growth rate to fall to 5.7 percent by the end of the year,” El-Said added

The government lowered its forecast for GDP growth in the next fiscal year as well to 5.5%, according to the draft budget approved by the Cabinet recently, compared to 5.7% previously expected before the outbreak of the war in Ukraine.

Prime Minister Mostafa Madbouly had directed the Ministry of Finance to restructure the budget for the next fiscal year with the aim of “rearranging priorities” and reducing spending as public finances were affected by the rise in commodity and oil prices.

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