Friends Again: #Saudi Arabia Deposits $1b in #Egypt’s Central Bank


Saudi Arabia has made a deposit of USD 1 billion in the Central Bank of Egypt (CBE), a senior Egyptian official has said.

Egypt’s Minister of Planning and International Cooperation Fayza Abul-Naga expressed last night her country’s appreciation and gratitude to Saudi Arabia and the custodian of the two holy mosques King Abdullah bin Abdulaziz for the contribution and support, aimed at improving the condition of the Egyptian economy during its current circumstances.

The last remaining USD 500 million sum of the amount was signed in Marrakech, Morocco, by minister Abul-Naga and the Saudi Minister of Finance Dr. Ibrahim bin Abdulaziz Al-Assaff, which targets the financing of priority state development projects in Egypt.

The amount also includes USD 250 million for the purchase of petroleum products intended for the Egyptian public and a USD 200 million non-refundable grant to support small to medium-sized enterprises.

It is noted tha the Saudi Ambassador to Egypt and its Permanent Delegate to the Arab League Ahmed Abdul Aziz Al-Qattan arrived in Cairo earlier this week following a decision by the Custodian of the Two Holy Mosques King Abdullah bin Abdul Aziz of Saudi Arabia following directives of the Custodian of the Two Holy Mosques King Abdullah bin Abdul Aziz to reopen the Kingdom’s embassy in the Egyptian capital and the consulates in the cities of Alexandria and Suez , thus containing the crisis which had negatively affected the Saudi-Egyptian relations in the aftermath of withdrawing the Saudi ambassador from Egypt and closing down the Saudi embassy there following the arrest in Saudi Arabia of Egyptian lawyer Ahmed El-Gizawi after being found in possession of 20,000 anti-anxiety pills.

El-Gizawi arrest led to a series of protests in front of the Saudi embassy in Cairo two weeks ago, which led to the detainment of several activists.

The Saudi monarch issued these directives after a meeting held in Riyadh with a high-powered Egyptian delegation led by National Assembly Speaker Dr. Saad Al-Katatni in a bid to remove the clouds which hampered the egyptian-saudi relations recently.

Earlier Thursday the detained Egyptian lawyer Ahmed El-Gizawi has sent a letter to the king of Saudi Arabia expressing sorrow for the recent diplomatic tensions between the kingdom and Egypt, according to the Al-Riyadh newspaper. The lawyer indirectly apologised for causing the diplomatic crisis between the two nations and stressed that he “has full confidence in the Saudi justice system and in the generosity of the Saudi king.”

El-Gizawi also expressed happiness that relations between Egypt and Saudi Arabia had normalised after the diplomatic spat that took place after his arrest.

El-Gizawi was detained while travelling with his family to undertake the Islamic Umra pilgrimage on 17 April. (QNA)



One thought on “Friends Again: #Saudi Arabia Deposits $1b in #Egypt’s Central Bank

  1. What is the price of #Saudi friendship? #Egypt’s gov wouldn’t have to be such a bunch of whores if they applied some pressure to finding and liberating the billions of his people’s money that Mubarak has got tucked away. tw:

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