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Saudi Arabia extends terms of $5bn deposit for CBE

Saudi Arabia extends terms of $5bn deposit for CBE
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Riyadh – Mubasher: Saudi Arabia has extended the term of a deposit valued at $5 billion for the Central Bank of Egypt (CBE), Saudi Press Agency (SPA) reported. 

The decision comes in line with the Kingdom's objective to boost cooperation between the two countries in diverse fields. It also supports the exerted efforts to achieve more sustainable and inclusive growth rates in Egypt.

Meanwhile, the Saudi funding is not limited to the deposits held by the CBE but also includes the Kingdom’s public and private sectors in the Egyptian market for those willing to further invest in different sectors across the Arab Republic, while promoting its economic development.

Furthermore, the Saudi deposits are expected to contribute to creating new funding channels with regional and international organisations, including the implementation of the International Monetary Fund (IMF) program agreement.