UAE to deposit $1bn in Egypt’s central bank

The United Arab Emirates agreed on Monday to deposit $1 billion into the Central Bank of Egypt for a period of six years, the official news agency WAM said.

According to WAM, the Governor of the Central Bank of Egypt Tarek Amer signed an agreement in the presence of UAE Ambassador to Cairo Juma Mubarak Al-Junaibi, the Director of Investment Management at the ADFD Rashid Al-Kaabi, the Ambassador and Extraordinary Plenipotentiary at the UAE Embassy to Egypt Fatima Khamis Al Mazrouei, and Deputies of Governor of the Central Bank of Egypt.

Earlier this month, Egypt signed a preliminary agreement for a $12 billion lending programme from the International Monetary Fund (IMF).