Saudi Arabia has deposited $3 billion into Egypt’s central bank as part of efforts to help the North African country confront the coronavirus pandemic. At the same time, the Gulf state extended the terms of $2.3 billion worth of previous deposits. Egypt and Saudi are close allies with both countries forming half of the quartet which placed a blockade on Qatar in 2017. Saudi and other Gulf states have given Egypt billions of dollars since the coup against the late President Mohamed Morsi in 2013. Political turmoil during this period, in addition to the 2011 revolution, hit investment and tourism hard, and the cash was intended to help Egypt rebuild its economy. The money also underscored regional alliances and indicated the Gulf states’ favourable stance towards the … Continue reading Saudi deposits $3bn into Egypt central bank to help fight coronavirus