Saudi Arabia makes $5bn deposit in Egypt Central Bank

Saudi Arabia made a $5bn deposit in Egypt’s central bank, making it the latest Gulf state to support the economy of the North African country.

It is part of the kingdom’s efforts to support Egypt’s economy, according to state-run Saudi Press Agency.

Qatar on Tuesday pledged to pump $5bn into investments in Egypt, while Abu Dhabi wealth fund ADQ earlier this month made a roughly $2bn deal to buy Egyptian state-owned stakes in publicly listed companies.

A major food importer, Egypt has been hit hard by record grain prices fueled by the Ukrainian crisis. One of the Middle East’s most indebted nations, it buys most of its wheat from Russia and Ukraine, while Russian visitors previously made up a significant portion of its tourism market.