{"id":545019,"date":"2022-03-31T04:00:49","date_gmt":"2022-03-31T04:00:49","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/saudi-arabia-pledges-usd-15-bn-to-support-egypt-through-ukraine-crisis\/"},"modified":"2022-03-31T04:00:49","modified_gmt":"2022-03-31T04:00:49","slug":"saudi-arabia-pledges-usd-15-bn-to-support-egypt-through-ukraine-crisis","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/saudi-arabia-pledges-usd-15-bn-to-support-egypt-through-ukraine-crisis\/","title":{"rendered":"Saudi Arabia pledges USD 15 bn to support Egypt through Ukraine crisis"},"content":{"rendered":"

<\/a> Saudi Arabia has <\/strong>deposited USD 5 bn with the Central Bank of Egypt (CBE)<\/strong>, state-run Saudi Press Agency<\/a> reported yesterday, as our Gulf neighbors move to help shore up our finances amid global fallout from Russia\u2019s war in Ukraine. The deposit has a one-year maturity and could be rolled over, Bloomberg Asharq<\/a> reports, citing a source with knowledge of the transaction.<\/p>\n

In parallel, the Saudi sovereign wealth fund is looking to invest USD 10 bn in Egypt<\/strong>\u2019s healthcare, education, agriculture and financial services sectors, according to a cabinet statement<\/a>. The readout gave no details about when the Public Investment Fund would deploy the capital and the agreement is pending \u201cconstitutional procedures,\u201d Prime Minister Moustafa Madbouly said.<\/p>\n

Riyadh joins the UAE and Qatar providing us with support:<\/strong> Doha has committed to investing USD 5 bn<\/a> in Egyptian companies and projects, while Abu Dhabi wealth fund ADQ has earmarked USD 2 bn<\/a> to buy state-owned stakes in public companies. ADQ is reportedly eyeing state-owned stakes held in EGX-listed CIB and Fawry \u2014 high-profile, private-sector financial services companies \u2014 as well as a number of state-owned, semi-privatized fertilizer companies.<\/p>\n

This means our Gulf allies have lined up USD 22 bn in investment and funding for Egypt<\/strong>, most of it having been announced this week after ADQ led the way earlier in the month.<\/p>\n

Is Kuwait next in line? <\/strong>BNP Paribas thinks so. In a research note published earlier this week, the bank predicted Saudi would make a deposit and said it thinks there is a \u201creasonable chance\u201d that we\u2019ll be getting USD 2 bn from Kuwait in the coming weeks. President Abdel Fattah El Sisi has made visits to both the KSA and Kuwait for high-level talks in recent weeks.<\/p>\n

Does all of this pave the way for a fresh round of IMF funding?<\/strong> \u201cThe transfer helps alleviate short-term funding pressures and should help seal the IMF program as it covers part of the expected funding gap,\u201d EFG Hermes\u2019 head of macro research, Mohamed Abu Basha, told Bloomberg<\/a>. In a note this week, BNP Paribas estimated Egypt\u2019s total funding gap in FY 2021-2022 is around USD 17.6 bn<\/a>.<\/p>\n

Talks with the Fund are ongoing:<\/strong> We\u2019re in talks with the IMF<\/a> over another rescue package, though the jury remains out on how much the Fund will lend us and what conditions will be attached to the loan.<\/p>\n

BACKGROUND- By our math, the new deposit roughly doubles Saudi funds at the CBE to more than USD 10 bn<\/strong>, after Riyadh in October provided Egypt<\/a> with USD 3 bn to help us overcome the effects of the pandemic and shore up its foreign reserves and extended the maturity of another USD 2.3 bn of existing deposits.<\/p>\n

The move comes as the state grapples with rising food and energy prices<\/strong>, lower tourism revenues<\/a> and portfolio outflows<\/a> that continue to pressure our balance of payments on the back of Russia\u2019s war in Ukraine.<\/p>\n","protected":false},"excerpt":{"rendered":"

Saudi Arabia has deposited USD 5 bn with the Central Bank of Egypt (CBE), state-run Saudi Press Agency reported yesterday, as our Gulf neighbors move to help shore up our finances amid global fallout from Russia\u2019s war in Ukraine. The deposit has a one-year maturity and could be rolled over, Bloomberg Asharq reports, citing a […]<\/p>\n","protected":false},"author":1,"featured_media":545020,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[96,1570,104,72,219],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-abdel-fattah-el-sisi","tag-crown-prince-mohammed-bin-salman","tag-economy","tag-enterpriseam","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"ce28f2c9-69b3-4c78-b2ab-1eb5d194e101","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/710.jpg","photo_position":"above","related_issue":[545015],"teaser":"","voice_url":""},"yoast_head":"\nSaudi Arabia pledges USD 15 bn to support Egypt through Ukraine crisis - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/31\/saudi-arabia-pledges-usd-15-bn-to-support-egypt-through-ukraine-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Saudi Arabia pledges USD 15 bn to support Egypt through Ukraine crisis\" \/>\n<meta property=\"og:description\" content=\"Saudi Arabia has deposited USD 5 bn with the Central Bank of Egypt (CBE), state-run Saudi Press Agency reported yesterday, as our Gulf neighbors move to help shore up our finances amid global fallout from Russia\u2019s war in Ukraine. 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The central bank signed an agreement with the Saudi Fund for Development (SFD) to extend the maturity of Saudi deposits held by the CBE up to 2022 on the sidelines of the annual meetings of the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":577642,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/30\/ksa-rolls-over-its-usd-5-bn-cbe-deposit\/","url_meta":{"origin":545019,"position":1},"title":"KSA rolls over its USD 5 bn CBE deposit","author":"enterpriseam admin","date":"30 November 2022","format":false,"excerpt":"Saudi Arabia is extending by one year its USD 5 bn deposit at the Central Bank of Egypt (CBE), state-run Saudi Press Agency reports. The kingdom made the deposit in March. The sum forms part of over USD 22 bn pledged in investments and deposits by our GCC neighbors to\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/498.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582339,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/07\/saudi-arabia-hands-turkey-usd-5-bn-to-support-economy\/","url_meta":{"origin":545019,"position":2},"title":"Saudi Arabia hands Turkey USD 5 bn to support economy","author":"enterpriseam admin","date":"7 March 2023","format":false,"excerpt":"Turkey is getting help from Riyadh: Saudi Arabia will deposit USD 5 bn in Turkey\u2019s central bank via the Saudi Fund for Development (SFD) to shore up its economy, the fund said in a statement yesterday. The agreement, which was floated by Saudi finance minister Mohamed Jadaan in December, was\u2026","rel":"","context":"In "AROUND THE WORLD"","block_context":{"text":"AROUND THE WORLD","link":"https:\/\/enterpriseam.com\/egypt\/category\/around-the-world\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/3\/Turkish-President-Tayyip-Erdogan-in-Bursa-1600-1.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555061,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/01\/saudi-deposits-usd-3-bn-at-cbe-to-shore-up-egypts-foreign-reserves\/","url_meta":{"origin":545019,"position":3},"title":"Saudi deposits USD 3 bn at CBE to shore up Egypt\u2019s foreign reserves","author":"enterpriseam admin","date":"1 November 2021","format":false,"excerpt":"Saudi Arabia has provided Egypt with USD 3 bn to help it overcome the effects of the pandemic and shore up its foreign reserves. The kingdom deposited the new funds at the Central Bank of Egypt and has extended the maturity of USD 2.3 bn worth of existing deposits, the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/268.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545713,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/reserves-dip-to-usd-37-bn-as-cbe-deployed-excess-liquidity-to-calm-the-markets-statement\/","url_meta":{"origin":545019,"position":4},"title":"Reserves dip to USD 37 bn as CBE deployed excess liquidity to \u201ccalm the markets\u201d \u2013statement","author":"enterpriseam admin","date":"10 April 2022","format":false,"excerpt":"Egypt\u2019s foreign reserves declined last month for the first time since the early days of the covid pandemic as the conflict in Ukraine rattled the global economy, the central bank said (pdf) last week. Reserves came in at nearly USD 37.1 bn at the end of March from just under\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/178.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":636602,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/08\/04\/saudi-arabia-to-use-cbe-deposits-to-fuel-egypt-investments\/","url_meta":{"origin":545019,"position":5},"title":"Saudi Arabia to use CBE deposits to fuel Egypt investments","author":"enterpriseam admin","date":"4 August 2024","format":false,"excerpt":"Saudi Arabia sees Egypt \u201cas a promising market and important export platform for the countries of the region\u201d","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/8\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=545019"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/545019\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/545015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/545020"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=545019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=545019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=545019"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=545019"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=545019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}