Egypt to receive $2 b deposit from UAE by end of May: CBE governor
Central Bank of Egypt Governor Tarek Amer - Youm7 Archive

CAIRO: Negotiations are underway for a $2 billion deposit from the UAE to Egypt, to be paid before the end of May; Tarek Amer, Central Bank of Egypt (CBE) governor was quoted by state news agency MENA Friday.

The deposit, which will be allocated to finance investment and development projects, is part of $4 billion payment that has been recently pledged to Egypt by Crown Prince of Abu Dhabi Mohamed bin Zayed al-Nahyan during his visit to Egypt last month, said Amer.

“The other $2 billion will be deposited with the CBE to support Egyptian cash reserves,” said Amer, adding that some details of the deal are still being negotiated with no delay expected in the timing of the transfer by this month.

Egypt’s foreign currency reserves stood at $17.0108 at the end of April, up from $16.561 billion the previous month, according to a bulletin issued by the CBE earlier this month.

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