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Saudi loans Egypt $2 billion to prop up its economy

Egyptian minister for planning and international cooperation, Faiza Abu El-Naga has said Saudi Arabia has agreed to give an initial loan package worth nearly $ 2bn to support Egypt's economy, Arab News has reported. The kingdom has transferred $1bn to Egypt's central bank as an eight-year deposit, she said. "Saudi Arabia has pumped this fund in the form of a deposit at the central bank of Egypt, while it also provided a $500m loan to boost Egypt's economy," said the minister.