Egypt is in talks with Saudi Arabia to secure new financial support in the form of a deposit worth between $2-$3 billion, the country’s finance minister revealed.
Amr El-Garhy said the amount being negotiated is a portion of the $6 billion bilateral financing required to seal the International Monetary Fund loan package.
He added that the talks with Saudi Arabia about the deposit and its transfer to the Central Bank is going very well and is due to be completed in the next few weeks.
He explained that the first share of the loan will be obtained before the end of this year.
On 11 August, Egypt agreed with IMF to secure a three-year $12 billion loan facility, amid assurances from the Egyptian president to take tough economic measures to overcome the financial crisis experienced by Egypt.
Egypt has suffered from foreign currency shortages since 2011, due to the fall in tourism and foreign investors.